Israel's energy ministry on Tuesday announced the launch of the fourth bidding round for gas exploration rights in Israeli waters.
As part of the fourth offshore exploration bidding round, four groups of exploration licenses (Zones) will be offered.
An exploration license will be granted for an initial period of three years to the successful bidder, subject to a further two-year extension provided that companies file a work program that includes offshore drilling.
Also, to ensure the participation of as many new groups as possible in the round, the Ministry said it had decided to limit the number of clusters that each group can win to only two.
Israel, which produces gas from Tamar and Leviathan gas fields in the Mediterranean, hopes that the offshore exploration round will unearth further gas supplies for its economy, increase competition between gas suppliers, and lower the price to the local consumers. It is also looking to export gas abroard.