Israel’s Ministry of Infrastructures, Energy and Water Resources (MIEWR) will hold the country’s first offshore energy licensing round in November, offering two dozen blocks in the Eastern Mediterranean Sea, according to IHS Energy.
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The Tamar platform, from Delek Group. |
The country will host a road show in September to promote the historic offshore round. The 24 blocks are located in the Levant basin, some of which are close to major gas discoveries. The largest consists of 400sq km, and are at water depths between 1500-1800m.
According to IHS, a press conference is planned later this month, where the Israeli Minister of Energy Yuval Steinitz Ph.D. and other representatives from the ministry, will present details for the Israel offshore licensing round next month at road shows in London on 1 September, and in Singapore on 6 September.
Later this year, the ministry will schedule an additional information session in Houston. The round will officially start in November 2016, while closing date for bids on the offered blocks will be March 2017, IHS Markit said.
At each road show event, MIEWR staff will present the bid-round schedules and guidelines, the legal and fiscal terms, as well as a technical overview of the hydrocarbon potential of the nominated blocks and a discussion regarding the availability of data. The event will also include a presentation on the gas-monetization options in the Eastern Mediterranean.
IHS said that though a recent, third-party basin modeling study concluded that as much as an estimated 6.6 billion bbl and 2.13 Tcm (75 Tcf) of gas are yet to be found in the offshore part of the basin (in-place, yet-to-find, best estimate).
“We are pleased to assist the MIEWR with the facilitation of its road shows for Israel's first licensing round,” said Tim Hemsted, managing director, upstream energy consulting for IHS Energy. “We look forward to bringing together government representatives with members of industry and representatives of oil companies to discuss the blocks on offer.”
The Israel Offshore Licensing Round road shows are open to oil and gas companies, service companies and interested financial institutions, however, pre-registration is required.
During the last 10 years, the Israeli region has gained notoriety due to the giant Tamar and Leviathan gas fields, along with other significant finds.
Noble Energy’s Tamar field in onstream and delivering gas to Israel using a 150km pipeline. Later this year in Q4, Noble and its Tamar partners will drill at the Tamar-8 well, which is designed to accelerate optimal production from the Tamar reservoir.
As for Leviathan, operator Noble Energy received approval in June to move forward with the development of Leviathan, offshore Israel, in addition to inking a US$2.5 billion deal to supply up to 473 Bcf from the highly anticipated project.
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