Israel unearths new natural gas field, its fourth largest, expanding energy potential

In a significant development for Israel's energy sector, the Ministry of Energy has officially certified a new natural gas field in Israeli waters, paving the way for its development. The field, named Katlan, has been recognised as a gas reserve by National Infrastructure, Energy, and Water Minister Israel Katz.

The certification grants permission to Energean, a British-Greek energy company, to proceed with the planning and development of the Katlan gas reserve, which is entirely situated within Israeli territorial waters. With an estimated capacity of approximately 68 billion cubic meters (BCM) of natural gas, Katlan ranks as Israel's fourth-largest gas reserve.

CEO of Energean expresses enthusiasm 

Energean CEO Mathios Rigas expressed enthusiasm over the certification, stating, "We are working diligently to develop Katlan as efficiently as possible to create sustainable value for all our stakeholders. This discovery will open new opportunities for Israeli gas supplies in both local and regional markets." The company is already engaged in the development of the Karish, Karish North, and Tanin offshore reserves, along with several blocks in the larger Tamar gas field.

First offshore gas discovery for Israel since 2015

The certification of Katlan marks the first offshore gas discovery to receive official recognition from the Ministry of Energy since 2015. This achievement underscores the potential for additional discoveries in the Mediterranean Sea's waters, providing impetus for further exploration and development in the region.

Energy Minister Israel Katz stressed the significance of the certification, stating, "Our office will continue to develop the natural gas reserves within our territory and promote the exploration and discovery of additional reserves for the sake of Israel's energy security. We aim to ensure a reliable, clean, and affordable energy economy for the State of Israel."

Israel's increasing focus on expanding its natural gas reserves is a strategic move towards bolstering energy independence and enhancing its role as an energy supplier in the region. The development of Katlan and other gas fields holds the promise of meeting domestic energy needs while exploring opportunities for export to neighbouring markets.

The certification of Katlan as a gas reserve marks a milestone for Israel's energy sector, setting the stage for the efficient development of this significant natural resource. As Energean and other companies advance their efforts in harnessing these reserves, Israel is poised to solidify its position as a regional energy player, contributing to the country's energy security and economic growth. With the groundwork laid for the development of Katlan, attention will now turn to the next phase of exploration and extraction, as the Israeli government and energy companies collaborate to unlock the full potential of the nation's natural gas reserves.