Two Israeli energy companies have combined with an Italian partner to explore for natural gas off the coast, near Hadera, The Jerusalem Post reports.
The main stakeholder in the two fields, called Neta and Royee, is Israel’s Ratio Oil Exploration, which owns a 70 percent share of the project.
Israel Opportunity Energy Resources holds a 10% share, while 20% will be in the hands of Edison International Spa, a Milan-based subsidiary of the Electricite de France (EDF) Group.
The new fields are situated in the Gal gas reservoir block, about 100 miles west of Hadera, and southwest of the already established Tamar and Leviathan fields.
Estimates of the potential size of the gas find were not available, despite numerous seismic tests, due to strict security.
“We are very proud that such an internationally reputable company with knowhow and experience came to work with us and to be the operator,” Ratio CEO Yigal Landau said.
Edison is considered to be a major player on the scale of Noble Energy, which has been the biggest firm active so far in the Israeli offshore gas fields.
Miki Korner, founder and CEO of the M. Korner oil and energy consultancy group, told the Post that Edison’s entrance into the Israeli gas market is “very, very good.”
“It’s the second important company that is drilling,” said Korner, who was also the chief economist and engineer at Israel’s Natural Gas Authority.