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27/11/2018
Photo: Israeli Ministry of Energy.
JERUSALEM – Israel launches its second round of offshore bidding (OBR 2018) for the licensing of natural gas and oil exploration in Israeli economic waters in the eastern Mediterranean. The 2018 OBR builds on the growing regional importance of the Eastern Mediterranean as a hydrocarbon producing province, on progress in the development of the giant Tamar and Leviathan deposits, and on the Karish and Tanin in the waters off Israel, export options for monetization of the gas produced.
Israeli Energy Minister Yuval Steinitz said: "Today we are launching a new and improved offer for the exploration of natural gas and oil fields in Israeli economic waters. The fact that Israel has become a gas exporter in Jordan and Egypt, along with the completion of the Israeli-European gas pipeline construction agreement, creates a more attractive environment for international energy companies ".
The Ministry of Energy offers multi-block and multi-license "zones" to provide businesses with the opportunity to explore larger areas up to 1,000 km.2, with a variety of games and potential targets for gas and oil. The zones are located in the southern part of Israeli economic waters, an area well covered by 2D and 3D seismic data and other data.
Research by BEICEP has shown that the amount of natural gas and 6.6 billion barrels in the Eastern Mediterranean (in Israeli economic waters) was 75 Tcf, confirming and developing similar estimates by the US Geological Survey. This excludes discoveries made by Noble Energy and its partners from 2009 to 2013, containing more than 30 billion cubic feet.
Compared to the first call for tenders, which took place in 2016, Israel has tripled the size of the zones. The data package offered in the new offering is significantly improved and includes all available 3D seismic data in the auction area. The data prepared for the zones includes a geological summary, as well as volumetric assessments and risks.
Another change from the 2016 tender call concerns marketing opportunities, which have increased significantly:
- An export agreement with Jordan valued at $ 12 billion
- An export agreement with Egypt worth $ 15 billion, gas is expected to start circulating in early 2019
- A submarine pipeline between Israel, Cyprus, Greece and Italy is at an advanced stage of planning, with support from the European Union. Gas should start arriving in Western Europe in 2025.
- Domestic demand in Israel will increase and increase significantly in the coming years, as Israel adopts cleaner fuels for electricity generation and transmission.
To support its oil and gas sector, Israel has opened an energy mission in Houston, Texas. The Houston office is creating a closer dialogue with international E & P companies, who are invited to contact the Energy Mission to learn more about oil and gas in Israel.
Submissions are received until June 2019, and the announcement of the winners will take place in July 2019.
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