The London-based natural gas exploration company Energean announced a new discovery off the coast of Israel today. Energean has identified seven to 15 billion cubic meters of natural gas in the Hermes exploration well, according to a press release.
Why it matters: The news follows Israel’s maritime border negotiations with Lebanon hitting a roadblock. Israel discovered natural gas in the eastern Mediterranean in 2009 and began production in 2013. However, Lebanon claims part of the area as its own territorial waters. Negotiations over the issue began in 2020 with US mediation.
