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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 since 2013, 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).
Since the start-up of Tamar, where capacity was raised to 1.1bn cfd production in March last year, activity has slowed. All current Israeli output is supplied to the domestic market at a fixed price of $5.5/mn BTU. (CONTINUED - 2143 WORDS)
DATA INSIDE THIS ARTICLE
|table||Israel Exploration Blocks*|