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Draft legislation newly proposed by Israel’s Energy Ministry aims to attract more experienced players from the oil and gas industry to its shores. Israel’s key offshore discoveries are all in the hands of midcap US firm Noble and Israeli partner Delek, while other exploration blocks are split between a smorgasbord of inexperienced minnows.
The new law, currently subject to public debate, requires operators to hold at least 25% of a licence, whilst any company or consortium applying for a licence must have at least $800mn in total assets and a minimum of $200mn in equity. Partners in any field must meet the requirements based on their pro rata share: a firm taking 50% must have $400mn in assets and $100mn equity.
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