IO Monthly Update - January + February 2015
Industry Updates
  • Exploratory oil drilling begun in Golan Heights
On February 16th, 2015, drilling was initiated in the Golan Heights' oil exploration site, according to a statement made by the US-based oil exploration company Genie Energy. The project, which is being implemented by Afek Oil and Gas - a subsidiary of Genie Energy, involving three years of exploration for conventional oil, using up to 10 wells, has faced several delays in the past due to environmental opposition.

  • Noble Energy suspends Israel investments
On February 19th, 2015, Noble Energy announced that "Further investments in the expansion of Tamar, as well as the initial development of Leviathan, have been suspended until regulatory issues are resolved".




Regulatory Developments
  • Amendment of the Partnerships Ordinance received Knesset approval
On February 16th, 2015, the law advocating the amendment of the Partnerships Ordinance (no. 5) -2015 was passed in the Israeli Knesset, and was published on February 23rd, 2015. The approved amendment will apply corporate governance rules to public limited partnerships. Some of the issues regulated are: Duties of decency, loyalty and care, business transactions of stakeholders and shareholders, obligations to appoint an internal comptroller and outside directors, supervisor's duties, protection rights in the event of deprivation and more. The Partnership intends to study the law and examine its implications on ongoing operations.

Regional Events
  • Cyprus signs energy deal with Egypt
On February 16th, 2015, a memorandum of understanding (MoU) was signed in Cairo between Cyprus and Egypt, for an undersea pipeline that would carry offshore natural gas to Egyptian processing facilities, as published by AP. Namely, the two countries will cooperate in the development and exploitation of the Cypriot Aphrodite offshore gas field in block 12 of Cyprus EEZ, utilizing the existing gas infrastructure in Egypt for the mutual benefit of both sides.




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