Petroleum Council recommended the division of Israel's economic waters into 24 license areas to be offered in a competitive process
On August 9, 2016, the Petroleum Council decided to recommend the Minister of Energy and Infrastructure as follows:
- To declare an area within Israel's economic waters to be an area open for petroleum exploration and production, in accordance with section 5 of the Petroleum Law, 1952.
- To offer the new areas mentioned above in a competitive process.
- The exact methodology of the competitive process will be discussed in a separate meeting of the Petroleum Council.
The Council's decision followed a previous Petroleum Council meeting on 26 July 2016, and was based on an independent study conducted recently for the Ministry of Energy and Infrastructure. More information will be available to companies that are interested in examining their potential participation in the competitive process.
The color green in the map below signifies the new 24 areas that are about to be offered. Red and blue signifies the licenses and leases that were already granted to date.
Click here to view the image.
The full decision in Hebrew is attached to this update and was published on the Minister of Energy and Infrastructure's website.