An Israeli exploration group lead by Isramco Negev and Modiin Energy has discovered signs of another major natural gas field off Israel’s coast.
A resource report by Netherland, Sewell & Associates showed there could be an estimated 8.9 trillion cubic feet (tcf) of natural gas at the Daniel East and West fields.
Go deeper with GlobalData
According to the report, the Daniel East field is expected to have 1.1tcf of gas with a probability for 38% to 43% success and Daniel West may have 7.8tcf with a success probability of 24% to 57%.
Reuters quoted Modiin Energy owner Tzahi Sultan saying: "Gas reserves of this size could significantly change the Israeli gas market."
The east Mediterranean basin includes Israel, Egypt and Cyprus and is expected to have between 10,000 billion and 15,000 billion cubic metres (bcm) of gas, Israeli Energy Minister Yuval Steinitz said.
See Also:
Isramco, which already has a stake in Tamar gas field, owns a 75% interest in the Daniel licenses. Modiin has a 15% stake and ATP Oil and Gas and AGR each hold a 5% share.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataModiin said in an emailed statement that the size of the subsea reserves would make them a significant Israeli discovery, Bloomberg reported.
The latest announcement follows the signing of a controversial deal signed by Israeli Prime Minister Benjamin Netanyahu with gas companies developing the Leviathan and Tamar fields in the eastern Mediterranean Sea in December 2015.
