Isramco Negev, Modiin Energy Find Signs of Massive Gas Reserves Offshore Israel

Isramco Negev and Modiin Energy on Sunday announced they have found signs a massive natural gas reserve off Israel’s Mediterranean shore, Times of Israel reported.

Citing companies’ reserve report, the newspaper reported that the reserve may contain about 8.9 trillion cubic feet of natural gas.

“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 realized, 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.

Last month, Prime Minister Benjamin Netanyahu signed a controversial deal with gas companies developing the Leviathan and Tamar fields.