The Ministry of National Infrastructures Petroleum Council and Natural Resources Licensing Administration have announced that oil and natural gas exploration licenses cover more than half of Israel's economic waters. The number of oil and natural gas exploration licenses granted has increased by 235% since 2003.
The natural gas discovery at the Tamar-1 well in January, as well as new information about the geology of the Mediterranean seafloor in Israel's economic waters, have boosted assessments about the high probability of more natural gas discoveries in the area.
The Petroleum Council met last Thursday to discuss and review applications for oil and natural gas exploration and production licenses in Israel's economic waters. The Petroleum Council recommends granting 20 new licenses as follows: Six in the Ruth prospect (A through F) operated by a consortium headed by Noble Energy Inc. (NYSE: NBL); six in the Alon prospect (A through F), also operated by a consortium headed by Noble Energy; five preliminary licenses to in Pelagic Exploration Company for Yishai, Edithia, Lalla, Yahav, Yoad, and it also received a license to the Ila prospect; licenses were also granted for the Ayala and Niram Saad prospect.
Noble Energy is a partner in the Tamar prospect along with Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L), Delek Group Ltd. (TASE: DLEKG) units Delek Drilling LP (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L), and Alon Israel Oil Company Ltd. unit Dor Gas Exploration Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2009
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