IO Monthly Update - September-October 2016
Israel Opportunity's Latest Announcements
- Israel Opportunity files a Request for Negotiations Regarding an Investment Dispute in Cyprus
Israel Opportunity Oil & Gas Exploration Ltd. and additional Israeli investors have given a notice to the Government of Republic of Cyprus, of the existence of an investment dispute under the Agreement between the Government of the State of Israel and the Government of the Republic of Cyprus for the Reciprocal Promotion and Protection of Investments dated October 13th, 1998. Pursuant to Article 8 of the Treaty, the investors have requested that formal negotiations be commenced immediately between the Government of Republic of Cyprus and the investors, to resolve claims and disputes arising in connection with the 2nd licensing round for Block 8. In the event such disputes are not settled within the six-month period stated in the Treaty, the investors intend to submit the dispute to the International Center for the Settlement of Investment Disputes for resolution by binding arbitration.
- Petroleum Commissioner Approves Holdings in Ishai License
On October 13th, 2016, the petroleum Commissioner accepted the Petroleum Council recommendation to approve the request of the partners in Ishai license for transfer of rights in the license from August 31, 2015 and which was updated on February 14, 2016. According to the approved request, Ishai license's partners and holdings will be as follows: Israel Opportunity - 21%; Nammax Oil & Gas Limited – 63%; Frendum Investments Ltd. – 11%; Petroleum Services Holdings AS – 5%.
- Israeli and Cypriot officials met for natural gas talks, including Ishai License
According to announcements by the Ministry of Energy, Shaul Meridor, the director general of Israel's National Infrastructure, Energy and Water Ministry, and his Cypriot counterpart, Stelios D. Himonas were scheduled to meet on October 25th, 2016, to discuss the development of Aphrodite and Israel Opportunity's Ishai gas fields, which lie on the maritime border between the two Countries. Meridor was also scheduled to fly to Athens to discuss the building of a pipeline to carry Israeli natural gas to Cyprus and Greece, and from there to other European countries.
- Save the date: Israel Energy and Business Convention
The 2016 Energy and Business Convention will take place on November 21-22, 2016, at Kfar Maccabia Hotel, Ramat Gan. The convention, held for the 14th consecutive year, assembles under one roof representatives of companies and senior Israeli and foreign policy makers, bringing them together with the local financial and business community for professional, social and business-related gatherings and sessions on current and future technological, financial, and global trends in the energy sector.
For further information and registration: http://www.energianews.com/energyconvention/convention.html
- Work begins on Drilling New Well for Tamar Gas Field
According to Globes Magazine on October 25th, 2016, the floating drilling rig Atwood Advantage has arrived in Israel and began work on the drilling for Tamar 8 gas field off Israel's coast. The Tamar 8 well will be drilled offshore 100 kilometers west of Haifa at a cost of $265 million, and will be the prospect's sixth gas field. The work is expected to continue for four months.
- Leviathan Gas Sales Contract With the National Electric Power Company of Jordan
On September 25th, 2016, the partners in Leviathan gas reservoir announced the execution of a gas sales and purchase agreement (GSPA) to supply natural gas from the Leviathan field to the National Electric Power Company Ltd. (NEPCO) of Jordan, for consumption in power production facilities. Under terms of the GSPA, the Leviathan partners will supply a gross quantity of approximately 1.6 trillion cubic feet (Tcf) of natural gas from the Leviathan field, or 300 million cubic feet per day (MMcf/d) over a 15-year term. The buyer has an option to purchase an incremental 50 MMcf/d for a total of up to 350 MMcf/d.
- Israel and Norway Agree on New Cooperation in Oil and Gas
In a meeting held on September 13th, 2016, between the Israeli Minister of Energy, Dr. Yuval Steinitz and his Norwegian counterpart, the Norwegian Minister announced that his government will see positively the participation of Norwegian oil and gas companies in exploration and development of new gas fields in Israel's economic waters. The Ministers have agreed to cooperate in the development of technologies in the oil and gas sector, as well as to examine a cooperation agreement to encourage joint research projects between research and academia organizations from both countries.
- Egypt-Cyprus-Greece Trilateral Summit Held in Cairo
According to declarations by the three countries, in a meeting held in Cairo on October 11th, 2016, the Prime Minister of Greece, Alexis Tsipras, the President of the Republic of Cyprus, Nicos Anastasiades and the President of the Arab Republic of Egypt, Abdel Fattah el-Sisi, have agreed to strengthen the cooperation between the three countries in various fields, including energy. The Heads of States expressed their desire to strengthen their cooperation through a series of agreements on the exploitation and transfer of natural gas, where the discovery of hydrocarbon reserves would serve as a catalyst for regional stability and prosperity. The leaders agreed to enhance energy cooperation with regular meetings of the Ministers of Energy, as well as the public and private sector institutions dealing with energy issues.
The materials and information included in this newsletter are provided as a service to you by Israel Opportunity Oil & Gas Exploration Ltd. ("the Company") and the Company or any of its subsidiaries are not responsible for the accuracy and completeness of information provided herein. The information provided herein is not advice of any kind, and should not be treated as such. The Company will not be liable to you in respect of any special, indirect or consequential loss or damage with respect to relying on the information herein. If you wish to be omitted from the distribution list please send an email to email@example.com