Israel Discovers New ‘Significant’ Gas Field Off Its Coast

The Israeli Energy Ministry and the company called Energian jointly announced a significant find on Wednesday: a newly discovered natural gas field located off the coast of Israel, which is estimated to contain approximately 68 billion cubic meters of gas.

This discovery holds great importance due to Israel’s annual gas consumption being less than 13 billion cubic meters. The recently found gas field has been named “Katlan,” a Hebrew word that translates to “Orca.”

The Katlan field is the fourth-largest gas discovery made off the Israeli coast within the past ten years. The largest gas field is Leviathan, estimated to hold around 600 billion cubic meters of gas. The second largest is Tamar, with an estimated reserve of 300 billion cubic meters. The Karish-Tanin gas field, also owned by Energian, ranks third with an estimated reserve of 100 billion cubic meters. Thus, Katlan is the smallest among these fields.

Matthew Rigas, the CEO of Energian, expressed his enthusiasm for the discovery by stating, “The orca, a majestic marine creature, symbolizes determination and bravery. We aim to efficiently harness the potential of Katlan as soon as possible, creating substantial value for our partners and generating new prospects for the Israeli gas market, both locally and regionally. This will greatly benefit the entire Israeli economy.”

According to reports, engineers plan to utilize the existing infrastructure that was previously established for natural gas extraction from the “Karish” reservoir, which commenced operations six months ago.

Israel’s Energy Minister, Israel Katz, emphasized the significance of the Katlan reserves, stating that they complement the existing gas resources in Israel, effectively transforming the country’s energy landscape and positioning Israel as a global energy player.

Minister Katz further asserted, “There is still potential for more discoveries in the Mediterranean Sea waters. Under my guidance, the Ministry will continue to develop our natural gas reserves and actively encourage the exploration of new gas sources to ensure a reliable, affordable, and environmentally friendly energy economy for Israel’s energy security.”

{Matzav.com Israel}