IO Monthly Update - February 2016
Israel Opportunity's Latest Announcements
- Petroleum Commissioner extends "Oz" License
On March 15th, 2016, the Petroleum Commissioner has extended the validity of "Oz" License until December 19th, 2016. The extension is subject to a change in the license's work program, inter alia the submission of an environmental survey according to the guidelines of the Ministry of National Infrastructures, Energy and Water Resources by August 20th, 2016, and a signed contract with a drilling contractor by October 15th, 2016.
- Gas flow from Leviathan by 2019
According to the companies' announcements on February 25th, 2016, the Leviathan partners have filed a new plan for the development of the gas field to the Petroleum Commissioner. According to the plan, the development of the offshore gas field will be seeded up with gas and condensates on stream by 2019. In accordance with the gas outline agreement, the investment decision for the project is expected by the end of this year.
- Afek to continue oil exploration in the Golan Heights
Afek Oil and Gas, headed by former Minister of National Infrastructure and former Minister of Construction and Housing Brigadier General (res.) Effi Eitam, will continue its search for oil after receiving a two-year extension permit by the Northern District Committee for Planning and Building on February 1st, 2016. The permit will allow Afek to explore for conventional oil at up to 10 sites in the Golan Heights area. Afek has already completed drilling at four sites since February 2015 and is now looking to begin operations on its fifth site.
- Cyprus ends tender bid to import gas from Leviathan
The Cypriot Natural Gas Public Company (DEFA) has decided not to extend a proposal regarding the future purchase of natural gas from Israel’s Leviathan reservoir, as reported by Leviathan partners to the Tel Aviv Stock Exchange on February 9th, 2016. According to AP, DEFA said in brief statement that it was "unable to agree terms" for the supply of gas with any bidder. The agreement would have provided for the supply of gas over seven years with the possibility of extending that to 10 years.
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