IO Monthly Update - November 2015
Israel Opportunity's Latest Announcements
  • Ishai license declared gas discovery
On November 19th, 2015, the "Aphrodite" gas field that is partly located within the "Ishai" License was declared by the Petroleum Commissioner a Discovery; as such term is defined by the Petroleum Law. The Ministry of National Infrastructures, Energy and Water Resources has thereby answered the question whether the Cypriot Aphrodite reserve is partly in Israel's economic zone, determining that the Aphrodite 2 drilling, carried out in late 2012 in the Ishai License, proved that the reserve is partly in the Israeli license and is an economic asset. The Ishai license is one of five marine drilling licenses known as "Pelagic Licenses" that spread over a total area of some 2 million dunam, about 170 kilometers west of Haifa, and border on Leviathan structure and Noble Energy's Block 12 license in Cyprus.
Regional Events
  • BG to enter Cyprus's Aphrodite
Noble Energy announced on November 23th, 2015, the selling of 35% stake of Cyprus' Block 12, which includes the Aphrodite field, to BG for $165 million. Noble Energy remains with a 35% stake while Israeli companies Delek and Avner owns the remaining 30%. The transaction has an effective date of April 1st, 2015, and is expected to close before the end of 2015. Noble Energy will maintain operatorship of Block 12.
  • Greek PM meets Netanyahu and Steinitz on gas
According to Globes Magazine and publications by the PM office, Greek Prime Minister, Alexis Tsipras arrived in Israel for a two-day visit and high-level meetings with PM Netanyahu and Energy Minister, Dr. Yuval Steinitz. The main issues discussed were the opportunities arising in the fields of energy in the East Mediterranean and ways of cooperation in research, drilling and transportation of gas from Israel to Europe by laying an underwater pipeline between Israel, Cyprus and Greece. According to Tsipras, Israel, Greece and Cyprus may meet in January to advance plans for transporting the gas.
  • Leviathan to negotiate gas supply with Egypt
The partners in the Leviathan gas field reported on November 25th, 2015, that a non-binding letter of intent has been signed between Leviathan and Egyptian company Dolphinus Holdings in which the sides confirmed their intention to negotiate an agreement for the supply of gas from Leviathan to Dolphinus via the existing gas pipeline operated by EMG in Egypt. The basis for negotiations is an estimated supply of up to 4 BCM of gas annually for 10-15 years.

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