Isramco and partners discover large natural gas field offshore Israel
A group led by Isramco Negev and Modiin Energy has reportedly discovered a large natural gas field offshore Israel.
Located at the Daniel East and West licenses off the Israel's coast, the field is estimated to have potential reserves of 8.9 trillion cubic feet of gas.
One of the owners Modiin, Tzahi Sultan told Reuter: "Gas reserves of this size could significantly change the Israeli gas market."
Israeli Energy Minister Yuval Steinitz said that according to experts' estimate, the east Mediterranean basin includes Israel, Egypt and Cyprus has potential gas reserves between 10,000 and 15,000 billion cubic metres (bcm).
Modiin Energy expects the new discovery, if realized, could improve energy security in the country.
Modiin Energy general partner CEO Ron Maor said: "We are excited at the potential that has been revealed for finding gas in the Daniel East and Daniel West licenses.
"Together with our partners we will carry out drillings to test the potential prospects as soon as possible.
"We hope that the State of Israel will encourage further activity in the potential gas reserves in the Daniel East and Daniel West fields."
The new gas field has been discovered along the borders of the producing Tamar gas reservoir, which is located in Israel's exclusive economic zone.
Isramco has 75% interest in the Daniel licenses while Modiin owns 15% stake. Other partners include ATP Oil and Gas and AGR each with 5% interest.
Image: The east Mediterranean basin has potential gas reserves between 10,000 and 15,000 billion cubic meters (bcm). Photo: courtesy of Ester Inbar/Wikipedia.