The next and third Road Show is planned for November 30th (not Dec. 6th as was published before) 2016 in Houston, TX. This Road Show will take place shortly after the competitive process for 24 new exploration licenses offshore Israel will be launched mid November 2016. The first two road shows took place early September in London and Singapore.
In the upcoming Houston show, the Minister and GD will present the following: professional reports which were prepared on the subject, including the geological setting and the new bid blocks, alongside estimated potential reserves, scheme and terms of the competitive process, financial and professional standards required from an applicant (a group or an operator), a review of potential natural gas markets in the eastern Mediterranean.
The competitive process is planned to be completed by mid-2017. Current information, news, updates and data are available at the designated ministerial website at www.energy-sea.gov.il
The delineation of new exploration sites in Israel's economic zone (EEZ) was approved today by the Petroleum Council in its meeting. The Petroleum Council's recommendation was reached after 4 years during which the sea was closed for exploration, and following the direction of the Minister of Energy to renew exploration activity within Israel's EEZ. According to the recommendation of the Petroleum Council to the Ministry of Energy, the initial stage will include the marketing of 24 blocks in an international competitive process that calls Petroleum companies to participate in Israel's first bid round and the renewed explorations of natural gas and oil in Israel's economic zone.
The council chose 24 blocks as to which the seismic and geological data indicate a high potential for promising geological structures. The size of each block is no more than 400 sq.km, and some are adjacent to the substantial deep water gas discoveries in Israel's EEZ.
As was recommended by the recently completed Strategic Environmental Assessment (SEA) produced by the Ministry, the blocks offered at this stage are located at least 7 km from the shoreline is. The council's recommendation was based on an independent study recently carried out for the Ministry by an international consulting company that determined there is a potential equivalent to 6.6 billion oil barrels and about 2,137 cubic meters of natural gas yet to be found offshore Israel (YTF in Place, Best Guess P50). Seismic data and additional drilling data will be available to companies interested in examining the potential of the licensing areas.
The Minister of Energy, Dr. Yuval Steinitz: the recommendation of the council regarding the exploration of natural gas and oil sites in Israel's EEZ is a significant and essential step for the development of the Israeli gas market. This move is paramount and, we anticipate, shall encourage international Petroleum companies to invest in Israel's natural gas market.
The Road Show is held following the recommendation of the Petroleum Council to the Minister of Energy regarding the oil and natural gas search areas. The conventions are to be held in London and Singapore, in order to announce the opening of the sea for natural gas and oil exploration in a form of an international competitive process to start in November 2016, marketing 24 new offshore exploration licenses.
The Minister of Energy and the Ministry's Director General will present professional surveys and reports regarding the area, including the geological background and the new exploration blocks, reserves estimation, the bid round timeframe, and a review of future natural gas markets in the East Mediterranean region.
The competitive process is expected to end in Q1 of 2017. Current information, updates and documents are available on a designated website at energy-sea.gov.il.
Israeli Gas Opportunities.pdf
Roadshow_2016_Presentation GD Shaul Meridor_Regulatory and Fiscal Regim.pdf
Roadshow Presentation Dr. Michael Gardosh_Levant Basin HC Potential.pdf