Photo: Energean

The UK-Greek energy exploration and production firm has informed the Tel Aviv and London stock exchanges of a significant natural gas discovery in commercial quantities in the Hermes field off the Israeli coast.

According to Energean’s (TASE: ENOG) preliminary calculations, the newly discovered reserve has between 7 and 15 billion cubic metres (BCM) of natural gas. It is located southeast of the Karish field that contains 75 BCM. This gas field has been lately in the news as it has been part of the ongoing negotiations between Israel and Lebanon. Despite this, Enegean is aiming to start operating it in the coming days. This latest discovery of Hermes increases the chances of finding more natural gas in the area.

In comparison, Israel’s annual needs for this commodity are currently standing at 12 BCM. Israel’s largest gas reservoir Leviathan contains around 540 BCM.