UK-based company Energean announced Monday it has made another natural gas discovery at its “Zeus” exploration off the coast of Israel.
The revelation came two weeks after Israel signed a controversial, U.S.-brokered deal with Lebanon settling a decades-long maritime dispute.
As part of the deal, the Karish field, also operated by Energean, is considered part of Israel’s territorial waters and in return, Lebanon would have full rights to the Qana or Sidon reservoirs.
The Zeus gas deposit, which is located northwest of Haifa in between the Athena, Tanin and Tamar fields, holds some 13.3 billion cubic meters of gas, according to initial estimates by Energean.
The exploration also revealed the recently discovered Athena field is larger than initially thought, jumping from 8 bcm to 11.75 bcm.
A view of the platform of the Leviathan natural gas field in the Mediterranean Sea is pictured from the Israeli northern coastal beach of Nasholim, on August 29, 2022. (JACK GUEZ/AFP via Getty Images)
The international hydrocarbon exploration and production company’s stock value increased by four percent Monday morning, Energean’s highest level since 2018.
The Athena and Zeus deposits could be linked to the existing natural gas floating production and storage vessel used to send gas to Israel from the Karish gas field.
Opposition leader Benjamin Netanyahu, slated to make a comeback as Israel’s next prime minister, has vowed to “neutralize” the maritime deal between Israel and Lebanon, which he has said constitutes a “surrender” to the Iranian-backed Hezbollah terror group.