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Israel announces new oil and gas exploration round

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Staff Writer | November 5, 2018
Israel will tender off 19 new offshore blocks to oil and gas companies, its energy ministry said on Sunday.
Israel oil
Middle East   "There is strong interest in this tender"
It will publish details of the tender by the end of the month and, about half a year later, choose the winning companies, said Udi Adiri, the ministry's director general.

"There is strong interest in this tender, certainly compared to the previous round," Adiri said.

The 19 blocks have been divvied up into four sectors that benefit from more comprehensive geological studies than last time, he said. Israel has also signed major export deals with Jordan and Egypt over the past two years, opening new markets to companies looking to sell gas from Israel.

Adiri further said conditions in the global energy market had improved with companies more willing to make investments. The exploration licenses will be for three years, with options to extend up to four more years, should terms be met.