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Israel accepting bids for offshore exploration blocks containing 75T cf of gas

Published 11/15/2016, 12:48 PM
Israel accepting bids for offshore exploration blocks containing 75T cf of gas
NBL
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NG
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  • Israel energy ministry says it is accepting bids for the rights to drill in 24 offshore exploration blocks in Mediterranean waters it estimates could hold up to 75T cf of gas, or the equivalent of ~6.6B barrels of oil.
  • Large natural gas deposits have been found off Israel's Mediterranean coast, and Israel expects the new tender will attract a host of foreign operators, leading to further discoveries.
  • The energy ministry plans a roadshow on its bidding process in Houston later this month after conducting similar events in London and Singapore in September; the bidding process for the licenses will end in April and winners will be declared three months later.
  • Noble Energy (NBL +3.7%), one of the largest stakeholders in the Leviathan and Tamar fields, are not permitted to bid for the new licenses because of competition concerns.

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