The Greek company Energean made the final investment decision in the Catalan gas project discovered off the coast of Israel after obtaining government approval.

This discovery is a strong boost to the energy sector in the region, as it allows Israel to increase its production of natural gas and export it to neighboring countries and Europe.

The Catalan field’s reserves are estimated at 1.1 trillion cubic feet of natural gas, equivalent to 68 billion cubic meters.

Energean plans to invest $1.2 billion in developing the project, with production expected to begin in the first half of 2027.

The Catalan field will contribute to enhancing Israeli energy security and supporting its plans to increase exports to Europe, especially with the increasing demand for natural gas globally due to the Ukrainian crisis.

Energean has agreements to increase gas exports to Egypt and also targets international markets through pipelines or liquefied gas.

The investment decision comes as European countries seek to reduce their dependence on Russian gas, which provides Israel with the opportunity to fill this void.

New gas discoveries contribute to strengthening the economies of producing countries such as Egypt and Israel by increasing their revenues and reducing energy costs.

These discoveries also provide great economic opportunities for the region, taking into account the need for investments in infrastructure and strengthening regional cooperation to ensure maximum benefit from these resources.

Infrastructure projects such as pipelines and export facilities are essential to ensuring gas reaches target markets.