The discovery of the Tamar gas field followed by an additional
discovery at Leviathan transformed Israel's status as an energy
Petroleum and its products supply some 60% of Israel's energy consumption.
Approximately 300,000 barrels of oil are used daily, all of which
are imported from overseas with only a negligible amount produced
locally. To reduce the country's dependence on imported oil and
strengthen its economy, the Israeli Ministry of Energy and Water
Resources promotes oil and natural gas exploration onshore and
Until recently exploration efforts were not very successful.
However, the discovery of the Tamar gas field in 2009 followed by
an additional discovery at Leviathan transformed the country's
status as an energy producer and the effect on the economy has been
profound. The finds have allowed Israel to become a nation capable
of providing for a substantial portion of its energy
Israel adopted a gas policy which allows the export of 50%-100%
of newly-discovered natural gas reservoirs. The first agreement
signed will see Israel supply natural gas from the Leviathan field
to Jordan's National Electric Power Company. Gross contract
revenues are expected to be around $10bn. And the country has
pipeline options under consideration to nearby Egypt and Cyprus
along with more distant locations such as Greece and Turkey.
At present, the total amount of recoverable gas reserves found
offshore Israel is estimated at 900 BCM. These new findings allow
Israel to become a nation capable of providing a substantial
portion of its energy consumption, curbing its dependence on
Israel has recently published an offshore energy exploration
licensing round and is now encouraging multinational companies in
the energy sector to take part in the bid.
In the coming round, Israel will offer for competitive bidding
24 blocks located in the central part of the offshore area. These
24 blocks were chosen based on seismic and geologic data indicating
a high potential for promising geological structures. The blocks,
some of which are adjacent to recent major gas discoveries, are a
maximum size of 400 Sq. km2, and sit in water depths of between
1,500 and 1,800 metres.
The round will officially open in November
2016, and the closing date for bids on the offered blocks
will be March 2017.
Nigeria has vast oil and gas history and potential. It has the largest natural gas and second largest oil reserves in Africa with estimated known reserves of 37 billion barrels of oil and 5 trillion cubic metres of natural gas.
The suit instituted by the NLNG company against the NIMASA, pitted industry, the gas industry, against the administrator; business against the regulator.
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