JERUSALEM, July 22 (Xinhua) -- Israel's energy ministry approved Energean, a London-based oil and gas company, to explore and produce natural gas from the Katlan field in the eastern Mediterranean Sea on Monday.
The Katlan field, estimated to hold 68 billion cubic meters of natural gas, was discovered in 2022 and is considered one of the most significant offshore discoveries for Israel in years. It is located near the existing Leviathan, Tamar, and Karish fields offshore Israel's north.
The ministry granted Energean a 30-year lease with an optional 20-year extension for exploration and production activities. According to a ministry statement, the Katlan development is expected to connect to the existing Karish production platform.
Israeli Energy Minister Eli Cohen said that the new reservoirs will enable Israel to increase natural gas output and exports to countries in the region and Europe.
He added that Israel's natural gas reserves are a significant strategic asset, highlighting their contribution to state revenue and reduced living costs.
