Roadshow to open Israeli continental shelf for oil and gas exploration

It was an excellent experience for SUBSEA expert to attend Roadshow conference, organized by Ministry of Energy, National Infrastructure, and Water Resources at Sheraton Hotel Tel Aviv in the run-up to the auctioning of first 24 blocks for oil and gas exploration.
The ministry is auctioning off exploration blocks of up to 400 square kilometers each, and will award 3-year licenses, extendable by another 3 years under certain conditions. In order to keep a healthy competition, companies with significant holdings in active offshore leases in the area are not allowed to bid. That means that Delek and Noble Energy are not bidding.
The original timetable had stipulated that the deadline for submission of proposals would be April 21, 2017, with winners of the new blocks expected to be announced in July 2017.
However, under the revised timetable, the closing date for bid submission is July 10, 2017, and bid bonds are valid until March 1, 2018, which may mean that the awarding of the licenses may take place next year.
In the Eastern Mediterranean, other countries are also advancing bid rounds and licensing awards. Cyprus has recently awarded three offshore blocks — one to Italy’s Eni, one to an Eni/Total partnership, and the other to ExxonMobil and Qatar Petroleum – while Lebanon opened last month five offshore blocks up for bidding, re-launching the first licensing round after three years of political impasse.
On the picture above, the founder of SUBSEA expert (on the left), with Minister of Energy doctor Yuval Steinitz (on the right), after answering questions about new offshore bid round for exploration licenses in the exclusive economic zone of Israel.

Leave a Reply

Your email address will not be published. Required fields are marked *