The Ministry of Infrastructures, Energy and Water Resources (MIEWR), the government agency responsible for overseeing all petroleum-related activities in Israel, has announced plans to launch an offshore Licensing Round in September, 2016. The Minister of Energy will host meetings in Israel, London and Singapore to announce details of the bid round.
Some twenty five blocks have been designated as available for bids from industry in Israel’s offshore waters in the Levant Basin, Eastern Mediterranean. The blocks are a maximum size of 400 km2, some of which are adjacent to recent world class gas discoveries in water depths of between 1500 and 1800 m. The closing date for bids on the offered blocks is programmed for March 2017.
In the last ten years, over 30 TCF gas has been discovered in the giant Tamar and Leviathan gas fields and other significant finds in prolific subsalt Tamar Sand reservoirs offshore Israel. The Tamar field is now on-stream and delivering gas to Israel via a 150km pipeline. The Field Development Plan for Leviathan was recently approved and the sale of Karish and Tanin fields is underway.
A recent third party basin modelling study concluded that up to 6.6 Billion barrels of oil and 2137 Billion Cubic metres of gas are yet to be found in the offshore part of the basin (YTF in Place, Best Guess P50). Speculative seismic data and historical well data are available to interested parties to further assess the potential of the blocks.
At each road show event, the Israel Minister of Infrastructures, Energy and Water Resources and Ministry staff will present the bid round timing and guidelines, the legal and fiscal terms, a technical overview of the hydrocarbon potential of the nominated blocks and availability of data. A presentation of the gas monetization options in the Eastern Mediterranean will also be given.
The road show in Singapore will be on Tuesday, 6 September, 9AM and are open to oil & gas and service companies, but pre-registration is required. Please send name, title, company, full contact details to: email@example.com.
Watch Minister Dr. Yuval Steinitz talk about oil and gas exploration potential on CNBC.