IO Monthly Update - Summer 2015
Regional Events
  • Major gas discovery in the Egyptian offshore by Eni
According to reports by Eni on August 30th, 2015, the company has made a world class gas discovery at its Zohr Prospect, covering an area of about 100 square kilometers in the deep waters of Egypt. The discovery could hold a potential of 30 trillion cubic feet of lean gas. Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea. According to Eni, the company will immediately apprise the field with the aim of accelerating a fast track development of the discovery that will utilize at best the existing offshore and onshore infrastructures.
Israel Opportunity's Latest Announcements
  • Updated work program in "Oz" license approved
On August 18th, 2015, the Petroleum Commissioner approved a change in "Oz" license's work program. In accordance with the revised work program, next milestones to be carried out are as follows: Agreements with contractors to carry out an environmental survey and monitoring program as directed by the Ministry of National Infrastructures, Energy and Water Resources, by October 10th, 2015; Submission of a full environmental document in accordance with the above guidelines until March 1st, 2016; Submission of a signed agreement with a drilling contractor by April 1st, 2016.
  • A change of "Ishai" license's work program approved
On August 17th, 2015, the Petroleum Commissioner approved a change in the work program of "Ishai" license, to include an examination of the gas reserves throughout the Aphrodite Reservoir and in the license holders' part. A summary report will be submitted by November 15th, 2015.
  • Updated work program and extension of "Royee" license approved
On August 17th, 2015, the Petroleum Commissioner approved the Partnership's request for a change of boundaries in "Neta" and "Royee" licenses and uniting them to one ("Royee" license in its new boundaries), as well as an updated work program and a depending extension until April 14th, 2017. According to the revised work program, spud date in the license area by December 15th, 2016, in accordance with an approved drilling program and by transferring all engineering and geological reports as defined by the Ministry of National Infrastructures, Energy and Water Resources.
  • Israel Opportunity releases Q2 financial statement for 2015
On August 12th, 2015, the Partnership published its Financial Statements as of June 30th, 2015.
For the full Financials, please click here
Industry Updates
  • Cabinet approves natural gas plan
On August 18th, 2015, the Israeli cabinet approved the outline gas agreement between Delek and Noble Energy and the State of Israel. All the ministers voted in favor except for the Minister of Environmental Protection, Avi Gabai. The plan submitted to the cabinet includes two key changes, in comparison with the original plan: The first amendment states that electricity producers who produce more than 20 megawatts will be able to link the price of their gas to the production rate of the Electricity Authority. The second amendment deals with adding milestones timetables for development of "Leviathan" basin.
  • Russian oil and gas delegation visits Israel
On July 12th, 2015, a delegation of Russian oil and gas companies headed by the Russian Energy Minister, Mr. Anton Ainostin, arrived in Israel for a two days visit in purpose of exploring possibilities for future collaborations with Israeli companies in the field of natural gas. Among others, the delegation included representatives of Gazprom and Gas Service Composite Group.

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