Gas field (illustrative)
Gas field (illustrative)Flash90

A new natural gas field containing about 3.2 trillion cubic feet (tcf) of gas has been discovered about 150 kilometers (93 miles) off Israel's coast. The Royee field contains, according to a seismic survey, between 1.9 and 5 tcf, with 3.2 tcf the best estimate.

The license for the Royee field is held by Israel's Ratio Oil, which has a 70% stake, along with Israel Opportunity Energy Resources, with a 10% stake. Italian power company Edison, controlled by France’s EDF, holds 20% of the find.

If the survey is correct, the field would be Israel's third biggest. Between the two of them, the much larger Leviathan and Tamar fields have 33 tcf.

According to Israel Opportunity CEO Eyal Shuker, the find is further evidence that the eastern Mediterranean, known as the Levant Basin, is full of natural gas, and oil may yet be discovered in the region. In a statement to the Tel Aviv Stock Exchange, Shuker said that he hoped that “the government understands the opportunity it has in energy, and continues exploration and development activity.”