Jerusalem, 23 July, 2024 (TPS) -- The British-Greek energy company Energean announced on Tuesday it will invest $1.2 billion in the Katlan natural gas reserve — Israel’s newest — off the Israeli coast.
“By developing Katlan, we will unlock further value in the Israeli subsurface that will provide additional energy security and drive sustainable development, both in Israel and the broader region,” said Energean CEO Mathios Rigas.
According to Energean, Katlan holds an estimated 1.1 trillion cubic feet of natural gas. The size makes Katlan Israel’s fourth largest gas reserve. Energean is already developing the Karish, Karish North and Tanin offshore reserves, as well as several blocks in the larger Tamar gas field.
The London-based company said initial gas production is planned for the first half of 2027.
