Paula Dittrick
Israel plans a second offshore bid round in late 2018 or early 2019, which will involve about 25 southern blocks. Israel’s Chief Geologist Miki Gardosh describes the blocks as being in a highly prospective area that has experienced less exploration than elsewhere offshore.
An initial offshore round was completed in November 2017 resulting in six exploration licenses being awarded. The first-round bidders primarily involved Indian companies. Gardosh said the second-round offering will group 3-4 blocks to make it “more attractive to companies.”
During a trip to Houston June 11, Gardosh said he was soliciting more interest from US oil companies in Israeli offshore blocks. He also visited Calgary.
The second round will offer licenses for up to 7 years with operators required to drill or deciding to drill within 3 years. He said Levant basin models forecast high potential for oil and gas. About 75 tcf of gas has been discovered in the Levant basin in recent years.
Houston independent Noble Energy Inc. already operates Leviathan, Tamar and Tamar Southwest, Mari B, Nor, Karish (TEKMOR Note: Energean), Tanin (TEKMOR Note: Energean), and Dalit gas fields. The Ministry of Energy reports a total of 10 gas fields discovered, most of them in deep water. Three field are developed.
Israel has transformed from being a net fossil fuel importer to become self-sufficient in its gas consumption. In 2013, Israel adopted a gas export policy allowing export of 50-100% of production from newly discovered gas reservoirs.
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