Israel Looks To 2015 Drilling Uptick But Geopolitical Headaches Remain

Regulatory hurdles and tense regional geopolitics have seen exploration offshore Israel grind to a halt since July, despite 36 tcf of gas discoveries.

Several key licenses are due to expire by early 2016 with companies facing the prospect of a ‘use it or lose it’ deadline, and a number of them have scheduled drilling next year.

No exploration wells have been spudded offshore Israel for five months now though, the first such barren period since the country’s key offshore gas discoveries – 10 tcf Tamar and 22 tcf Leviathan – were made in 2009 and 2010. Exploration peaked in late-2011 when five rigs were drilling simultaneously (see graph).


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