Exploration Update: Significant Gas Discovery Offshore Israel
The recent run of large gas discoveries in the eastern Mediterranean continues, the latest being Energean’s successful well offshore Israel at Karish North, about 80 km north-west of Haifa and a few kilometres south of the maritime border with Lebanon. Initial in-place estimates are between 1 and 1.5 Tcf gas, reservoired in high quality sands, with a gross hydrocarbon column of 249m. Karish North was spudded on 15 March 2019 in waters over 1,700m deep. Further evaluation will be undertaken to refine the resource potential and determine the liquids content of the discovery.
Karish North lies only a few kilometres north of the Karish field, discovered in 2013, which contains more than 280 MMboe 2P reserves, and 40 km from the 2.2 Tcfg Tanin field. Plans for the joint development of these two fields using a Floating Production Storage and Offloading unit are already underway, so it will be easy to exploit the new discovery in conjunction with the two previous finds.
Israel’s offshore lies within the Levantine Basin, which contains up to 10,000m of Mesozoic and Cenozoic rocks above a rifted Triassic-Lower Jurassic terrain. Energean’s discoveries are all in the prolific Early Miocene submarine fan deposits of the Tamar Sands.
Energean Israel is the operator of the Karish and Tanin leases with a 100% working interest.