Israel Bidding: Larger Blocks, More Interest?

Israel officially launched its 2nd offshore bid round this week. Just a year after the 1st round flopped, has enough changed to attract international oil firms?

Israel is proceeding steadfastly with a 2nd offshore bid round, launching it 12 months after the first licensing round received just two bids for six blocks, all located in the country’s northern offshore near existing discoveries ( MEES, 24 November 2017 ).

This time the Energy Ministry is grouping the 19 blocks on offer (eight of which were offered in the previous round) into five ‘zones’ – essentially meaning that five large blocks are on offer (see map).

An operator must hold at least a 25% stake if bidding as part of a consortium with leases lasting an initial three years with the possibility of two further two-year extension periods. (CONTINUED - 921 WORDS)