With gas policy set, Israel opens waters for new exploration

11 Aug 2016   Israel

Israel is preparing to tender 24 offshore exploration blocks as it looks to bolster its oil and gas industry after a four-year lull sparked by regulatory uncertainty and stock-price volatility. Their proximity to a number of large and proven gas deposits in the eastern Mediterranean should make the tenders attractive. Nearly 2,200 billion cubic meters (bcm) of natural gas is waiting to be found in Israeli waters, more than double the amount already discovered, Energy Minister Yuval Steinitz told Reuters on Wednesday, basing the estimate on a third-party geological study. The study also points to a potential 6.6 billion barrels of oil. “Things are now moving forward at an amazing pace,” Steinitz said, adding that while the government has yet to determine the type of tender, the blocks should available by November. Israel entered the world of hydrocarbon exploration seven years ago when some of the largest offshore gas […]

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