An Israeli energy company said it's discovered what may be the third largest natural gas basin in the country in the eastern Mediterranean Sea.

Minority partner Israel Opportunity said the so-called Royee field may hold around 3.2 trillion cubic feet of natural gas. Located in the eastern Mediterranean, it would be the third largest in the region after the Leviathan and Tamar fields if reserve estimates are correct.

The partners developing the giant Leviathan offshore gas field said an audit by Dutch consulting company Sewell and Associates put the reserve estimate at 21.9 trillion cubic feet, up from the previous estimate of around 18.9 trillion cubic feet.

Tamar, with an estimated 8.5 trillion cubic feet of gas reserves, entered into production in March 2013.

Amit Lang, director general of the Israeli Ministry of Economy, told the Houston Chronicle last month that U.S. companies "might find gold" in the form of natural gas through partnerships in Israel.

The State Department facilitated talks in February that led to the signing of a deal for deliveries from Tamar.

The Royee announcement is new. The company said it builds on Israel's emerging reputation as a natural gas powerhouse.