IO Monthly Update - April-May 2017
Israel Opportunity's Latest Announcements
- Energy Minister approves Royee License's (estimated 3.4 TCF) change of boundaries
On May 23rd, 2017, the Partnership received the decision of the Minister of National Infrastructures, Energy and Water Resources to approve the change of boundaries in Royee License, as requested by the license's partners. The license's area within its new boundaries remains approximately 400 square kilometers. A revised prospective resources report for Royee prospect was published by the Partnership on May 28th, 2017. The report, issued by the American NSAI, estimates 3.4 TCF of natural gas (best estimate).
- Energean signs first "Karish" gas deal
According to Globes Magazine on May 28th, 2017, the Greek Energean Oil & Gas has secured its first gas supply deals for the "Karish" and "Tanin" natural-gas reservoirs.The company’s subsidiary, Energean Israel, intends to begin providing gas to the domestic market by 2020 and has signed agreements with independent power provider Dalia Power Energies and its sister company Or Power Energies. According to the company, the two firms are expected to purchase an overall amount of up to 23 BCM of gas in order to operate the Dalia power plant – Israel’s largest private power station – as well as future facilities to be built by Or.
- Delek Drilling and Avner Oil Complete Merger
According to announcements by Delek Drilling and Avner on May 16th, 2017, the partnerships have completed a long-awaited merger and will begin trading as one company. The new entity will keep the name Delek Drilling and will have a market value in Tel Aviv of about 16 billion NIS. This is the first time in the history of the Israeli stock exchange that two trading partnerships have been merged.
- Lebanon Prequalifies Eight More Firms For First Offshore Round
On April 26th, 2017, the Lebanese Petroleum Administration has published the results if the second prequalification round to participate in the country's first offshore licensing round. Lebanon's government has prequalified eight more companies to bid for its first round of offshore E&P licenses after prequalifying 46 companies in 2013. Prequalified companies in 2017, according to the Lebanese Petroleum Administration are as follows: Operators- ONGC Videsh Limited. Non-Operators- PJSC Lukoil, Sapurakencana Energy Sdn Bhd, Sonatrach International Petroleum Exploration and Production Corporation (SIPEX BVI), Qatar Petroleum International Limited, Petropars Limited, JSC Novatek and New Age (African Global Energy) Limited.
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