The Energy Ministry granted an oil & gas exploration license in Israel’s economic waters to an Indian consortium including the companies IOL, IOCL, BPRL, ONGC.
The license was given to the consortium for block 32, following the bid round for opening the sea held by the Israeli Energy Ministry last year.
According to the license terms, the license will be granted for a period of 3 years. At the end of the term, the license can be prolonged for an additional 3 years under the conditions that its owners have completed the work plan and commit to drilling during the extension period.
The consortium was requested to prove financial ability in assets worth at least $400 million and equity of at least $100 million. In addition, the consortium was requested to demonstrate professional abilities in the field of exploration and production of oil & natural gas at sea. This is to ensure that they will fulfill the license they were granted.