Israel tries to rejuvenate its gas-export plans

New upstream terms will perk up interest in the upstream, thinks the government. But has Israel missed its chance?

After years debating quite what to do with its huge offshore gas wealth, Israel wants to begin a new phase of upstream development, and thinks it can become a pivotal exporter to regional and European markets. In August, Israel launched its first offshore licensing round, offering 24 blocks in the eastern Mediterranean’s Levant basin. The blocks vary in size, up to 400 square km, and sit in water depths of 1,500-1,800 metres. The bidding will close at the end of March 2017. “Over the next few months we’re going to offer our economic water for new exploration and discoveries,” Yuval Steinitz, Israel’s energy minister, tells Petroleum Economist. And he has big plans: “In a few years the North