New natural gas deposit discovered in Israel

The Israeli Ministry of Energy has confirmed the discovery of a new natural gas field in block number 23, called Hercules. Energean estimates gas volumes at 4–5 billion cubic meters. Despite the relatively small volumes, the opening of the field was highly appreciated – it will increase state revenues and reduce the cost of living for Israeli citizens.

The field is located close to the large Karish gas reservoir, which could make production economically viable. Compared to the large Leviathan field, which contains 500 billion cubic meters of gas, the new Hercules field is small, but with rapidly growing demand, even small fields can be profitable.

Energean received permission to develop two more fields – Ketlan and Dragon. Additional drilling operations are planned, which will lead to increased gas production. The development of new deposits not only ensures energy security, but also brings revenue to the budget through taxes and royalties. In 2024, gas production increased by 38%, and the company entered into long-term contracts for gas supply.

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