A new natural gas field in Israeli waters was officially certified as a gas reserve by the Ministry of Energy on Wednesday, which will enable its development.
National infrastructure, Energy, and Water Minister Israel Katz's recognition means Energean, a British-Greek energy company can begin drawing up plans to develop the reserve, which has been named Katlan and is entirely inside Israeli territorial waters.
"Katlan boasts approximately 68 BCM [billion cubic meters] of natural gas, and we are working diligently to develop it as efficiently as possible to create sustainable value for all our stakeholders. We believe this discovery will open new opportunities for Israeli gas supplies in both local and regional markets," said Energean CEO Mathios Rigas.
The size makes Katlan Israel's fourth largest gas reserve. Energean is already developing the Karish, Karish North and Tanin offshore reserves, as well as several blocks in the larger Tamar gas field.
The ministry has not certified any offshore gas discoveries since 2015.
Energy Minister Katz said, "There is potential for additional discoveries in the waters of the Mediterranean Sea , the office under my leadership will continue to develop the natural gas reserves that are in our territory and to promote the exploration & discovery of additional natural gas reserves for the sake of the energy security of the State of Israel and for ensuring a reliable, clean and affordable Israeli energy economy."
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