Israel Awards 12 Offshore Natural Gas Exploration Licenses to Eni, BP, Others
(Reuters) - Israel's Energy Ministry said on Sunday it had awarded 12 licenses to six companies to explore for natural gas off the country's Mediterranean coast, aiming to create more competition and diversify suppliers.
It said that one group that includes ENI, Dana Petroleum and Ratio Energies will explore in an area west of the massive Leviathan field, which supplies Israel with gas and is also used for export.
Another group comprised of BP, Socar and NewMed will explore north of the Leviathan, the ministry said.
"The winning companies have committed to unprecedented investment in natural gas exploration over the next three years, which would hopefully result in the discovery of new natural gas reservoirs," said Energy Minister Israel Katz.
The license period is for an initial three years, with the option to extend to up seven years, depending on progress.
This, the ministry said, will enable the license holder to first study the area and only then decide whether to continue development.
Large gas deposits were discovered in the east Mediterranean over the past decade and a half, and Israel hopes more will be found to increase reserves and advance plans to export gas to Europe, which is looking for new energy sources.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments