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
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
