Israel discovers new natural gas field off its coast

Israel officially recognized oil and gas producer Energean's new offshore natural gas deposits as a discovery that holds an estimated 68 billion cubic meters of gas.

Israel's Energy Ministry said now that the 'Katlan' reserves have been approved, development can begin.

Katlan is located near two projects off Israel's Mediterranean coast - Karish and Tanin - also owned by Energean.

Energean CEO Mathios Rigas said the company will begin developing Katlan soon, and in doing so "will open new opportunities for Israeli gas in the local and regional market."