• Wednesday, July 24, 2024
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Israeli firms announce signs of large gas field in Mediterranean


Two Israeli gas exploration firms announced to have found signs of large natural gas field offshore Israel.

A statement by Isramco Negev 2 and Modiin Energy on Monday in Jerusalem said that an estimated amount of 8.9 trillion cubic feet of gas were found at the Daniel East and West fields.

Tzahi Sultan, one of the owners of Modiin Energy, said this was the latest in a string of gas discoveries off the coasts of Israel, Egypt, and Cyprus, including some of the world’s largest gas deposits.

He said the magnitude of the gas reserves could significantly change the Israeli gas market.

Sultan said Isramco has already held stakes in the Tamar gas field of similar size.

He noted that Tamar, with an estimated 280 bcm of gas, and Leviathan, with estimated reserves of 622 bcm, were found off Israel’s Mediterranean coast in 2009 and 2010.

“The discoveries were hailed as a bonanza to the economy of the resource-poor country.

Sultan disclosed that gas production in Tamar kicked off in March 2013, but the development of Leviathan and the smaller Karish and Tanin have been stalled by years of political quarrels and a public protest.

Israel’s Energy Minister, Yuval Steinitz, said experts have estimated at least 10,000 billion cubic meters of gas in the east Mediterranean basin.

He said the amount would be enough to supply Israel’s domestic needs and exports to Europe.

Prime Minister, Benjamin Netanyahu, On Dec. 17, signed a framework agreement to allow a consortium led by Texas-based Noble Energy and Israel-based Delek Group to develop Israel’s largest gas field Leviathan, while forcing them to sell two smaller, undeveloped fields.

The approval came after years of political infighting and wide public protest, with weekly rallies of tens of thousands of Israelis in big cities throughout the country.