Petroleum Council Approved the Winning Bids

The Petroleum Council Approved the Winning Bids of the 1st Israeli Offshore Licensing Round

תאריך: 12/11/2017

Today, the Petroleum Council has approved the granting of the new exploration licenses following the licensing round that was concluded in mid-November

Energy Minister, Dr. Yuval Steinitz: "This bid round is the first step in a long-range process that would lead to utilization of the gas and oil fields in the Israeli EEZ to the benefit of Israel's citizens. I am pleased to have companies from Greece and India contribute to Israel's energy market. I believe that the MOU that was signed last week regarding the EastMed natural gas pipeline from Israel to Italy will render exploration activities in Israel's EEZ even more attractive. Thus, I have ordered preparations for a 2nd licensing round to be launched in 2018, in which lessons from the 1st round will be incorporated."

Today, the Petroleum Council has approved the granting of the new exploration licenses following the licensing round that was concluded in mid-November. After checking the proposals for the existence of all pre-qualifications, members of the petroleum council have recommended to the petroleum commissioner that the new licenses be granted to Energean Israel Limited (5 licenses) and one license to a Consortium of 4 companies from India.  Thus, Energean Israel Limited will be granted with the exploration licenses number 12, 21, 22, 23 and 31 and the consortium of the 4 companies from India: ONGC Videsh Ltd, Bharat PetroResources Ltd, Indian Oil Corporation Ltd and Oil India Ltd with the exploration license number 32.

To complete the granting of the licenses, bidders should comply with the relevant tasks as specified in the bid documents –such as paying the signature bonus and the license fees, presenting appropriate guarantees, and exhibit proper registration in Israel.

 

The competitive process, that ended a month ago, concluded a yearlong effort by the Minister, the General Director and ministry officials to encourage international companies to join in and take an active part in Israel's energy market. This bid round is a first of its kind for Israel, after more than 4 years during which the sea was completely closed for the distribution of new exploration licenses.