Companies from India and Greece including ONGC and Energean are among those who have made bids for blocks in Israel's first offshore lidding round.
The round closed yesterday. Israel's Ministry of Energy said it had received bids from several international companies including: Energean from Greece and a consortium of Indian companies that includes ONGC Videsh, Bharat PetroResources, Indian Oil Corporation and Oil India.
The first bid round included 24 licensing blocks each of a maximum size of 400sq km.
Officials will examine the bids and proposed work programs over coming weeks before submitting the bids for approval at the Petroleum Council.
Companies were requested to prove financial capability of minimum US$400 million total assets and $100 million in equity.
A license will be awarded for three years, at the end of which, it can be extended by three additional years.
A second licensing round will be launched in 2018.
Minister of Energy, Dr. Yuval Steinitz, said: "This bid round is the first step in a long-range process that would lead to utilization of the gas and oil fields in the Israeli EEZ to the benefit of Israel's citizens. Also, in 2018 we will launch another licensing round incorporating conclusions that will be drawn from the current round, and thus continue the effort to develop these strategic assets in the Israel's exclusive economic zone."
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