Energean PLC has announced a new commercial natural gas discovery of 13 billion cubic meters off the shore of Israel as a result of its exploratory drilling well dubbed Zeus-1. It has also confirmed the presence of an additional 3.75 bcm at its Athena site.These discoveries have confirmed the company’s suspicions that the so-called “Olympus area” located between the Karish and Tanin gas fields are both voluminous and commercially viable.
Israel signed an agreement last June to export its gas to Europe via liquefaction in Egypt.
The amount being exported to Europe under this agreement is 10 billion cubic meters a year, only 6% of what Russia has been supplying, but chances are high that Israel will increase this amount in coming years as more gas gets discovered.
The ability to extract natural gas and export it to partners is an important guarantee for Israel's security. It will not last forever, as the EU is committed to reducing use of fossil fuels. But with the current crisis with Russia, EU countries will remember who is a reliable ally.
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