Minister of National Infrastructures, Energy and Water Resources, Yisrael Katz, has granted Energean plc (LSE: ENOG; TASE: ENOG) CEO Mateuss Regas the approval of Chief of Fuel Administration Chen Bar-Yosef for the license in the Block 12 Catlan (Olympus) reservoir as a natural gas discovery. . Katlan contains an estimated 68 billion cubic meters.
By law, this announcement now allows the Anglo-Greek energy company Energean to submit a development plan, which upon approval will enable it to start developing the reservoir, which in several years will provide additional natural gas for the domestic market and possibly even for export.
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This is the first gas discovery recognized by the Israeli government since 2015. The Catlan/Olympus field is located between the Karish and Tanin fields of Energean. Energean hopes to produce gas from Katlan/Olympus before developing Tanin because the new field could easily be connected to the nearby Karish field, which is already producing gas, and would not need to pay fees to NewMed Energy (formerly Delek Drilling), which was forced to sell the field to Energean as part of the deal. The government plan to introduce competition in the Israeli natural gas sector.
Published by Globes, Israel business news – en.globes.co.il – on May 31, 2023.
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