London-listed Energean has decided to exploit 1 trillion cubic feet of gas in its Olympus Area gas offshore Israel via subsea wells tied back to its Karish floating production, storage and offloading vessel.

Over the past year or so, the East Mediterranean-focused player made two new discoveries — Athena and Zeus — close to its Karish gas field and has been assessing development options, including exporting this resource to Cyprus.

Energean’s decision to feed to this gas to the Karish FPSO via subsea wells, with the gas sold to Israeli buyers, should not come as a huge surprise to the market because this was always the operator’s base-case plan.