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.

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%.

"Gas reserves of this size could significantly change the Israeli gas market."

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.

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Modiin 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.