By TPS • 16 April, 2019
A new and massive natural gas reservoir has recently been discovered off Israel’s coast, giving another significant boost to Israel’s rapidly developing energy industry.
The Greek Energean Oil and Gas plc announced Monday that it made a “significant gas discovery” at the Karish North exploration well of between 28 trillion and 42 trillion liters.
Drilling of the initial phase of the Karish North well has been completed, and Energean will now deepen the well to evaluate further development.
Energean’s CEO Mathios Rigas stated that the gas discovery at Karish North “further demonstrates the attractiveness of our acreage offshore Israel” and enables the company to “quickly, safely and economically develop both Karish North and future discoveries.”
Israel’s economy has received a significant enhancement by its gas discoveries, found in some 20 wells.
The gas fields are not only economically important to Israel, but politically as well. In 2013, the Israeli government decided that the country should export 40 percent of its gas production and invest the profits in economic development.
Israel has signed contracts to supply gas to Jordan and Egypt, and plans to build a pipeline through Cyprus to Greece to provide Europe with gas.