The Ministry of Infrastructures and Energy invited an open international call for bids for 24 licenses to 24 blocks (each not exceeding 400 km2) in Israel's economic waters at a distance of at least 7 kilometers from the shore.
This tender is intended to inject new blood into the natural gas economy, after more than four years in which no new licenses were issued.
The call for bids targets corporations with proven capabilities in oil and gas exploration, development and production.
With the aim of encouraging competition in the natural gas economy, licensees with existing holdings of 25% or more and estimated natural gas reserves exceeding a defined quantity will be excluded from participating in the tender.
The license to be issued will vest in the licensee the right to conduct oil and natural gas explorations for a period of three years.
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Originally published December 4, 2016
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