Giant gas reserve found off Israel

A huge gas reserve off Israel was announced on Sunday. Two local firms – Isramco Negev and Modiin Energy – said the new gas field in the Mediterranean could contain around 8.9trn cu ft.

“We are excited at the potential that has been revealed for finding gas in the Daniel East and Daniel West licenses. This potential is of a significant size, which, if realised, could represent competition for existing reserves, and improve the country’s energy security,” said Ron Maor, CEO of Modiin Energy.

“Together with our partners we will carry out drilling 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,” he said.