Israel: Exploration On Hold As Firms Await Leviathan Progress

Israel has delayed a key bid round. Interest is limited given geopolitical headaches meaning even large discoveries have yet to move to development.

Israel’s ongoing 24-block bidround will now close on 10 July. Launched last November, with much of the country’s offshore on offer (see map, MEES, 6 January ), only four firms have so far purchased the $50,000 tender package: Italy’s Edison, Greek Energean, Spain’s Repsol and private Israeli firm, Dor Alon.

Edison and Energean are already active offshore Israel but it would mark Repsol’s first venture into the East Mediterranean. Indeed, if Repsol were to enter Israel, the Spanish firm would overtake US firm Noble as the largest IOC active in the country given its 700,000 boe/d output and 1mn b/d refining capacity. Its key Mena interests are in Libya and Algeria (where it partners Edison – see p6 ), with more modest gas exploration in the KRG and Morocco. (CONTINUED - 863 WORDS)