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
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Boardwalk’s Texas Gas Launches Open Season for 2 Bcf/d Marcellus-to-Louisiana Pipeline Expansion
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- New Alternatives for Noise Reduction in Gas Pipelines
- EIG’s MidOcean Energy Acquires 20% Stake in Peru LNG, Including 254-Mile Pipeline
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- DOE Considers Cutting Over $1.2 Billion in Carbon Capture Project Funding
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
Comments