IO Monthly Update - August 2017
Industry Updates
  • Energy Texas buys control of Zerah
According to publications by Zerah Oil and Gas Explorations on August 31st, 2017, former Isramco and Nafta Israel Petroleum CEO Yossi Levy and Energy Texas have completed a deal for acquiring full ownership of the general partner in the Zerah partnership. Following the completion of the deal, Zerah is expected to change its name to Petrotex and Levy is being appointed CEO of the company. Energy Texas will own 80% of the capital of the general partner, and Levy 10%, with Advocate Jacob Katz, Levy's partner, owning the remaining 10%.
  • Energean's "Karish" and "Tanin" development plan approved
According to Energean Oil & Gas on August 30th, 2017, its subsidiary Energean Israel, a company in which Energean and Kerogen Capital hold 50% each, has received approval from the Israeli Petroleum Commissioner for its Field Development Plan for the development of the "Karish" and "Tanin" natural gas fields. According the Ministry of Energy, the two reservoirs will be developed one after the other, whereas "Karish" will be developed first, and "Tanin" will be developed in accordance with the demand, the rate of production in "karish" and to ensure the stability of supply and optimal utilization of natural gas.
  • Isramco and Modiin return Daniel licenses to state
According to Modiin and Isramco's notification to the Tel Aviv Stock Exchange on August 20th, 2017, the Partnerships have decided to return all the partnership's participation rights in the "Daniel East" and "Daniel North" licenses, consequent upon the licenses' operator recommendation. The operator's recommendation was based on, among other things, estimates of the geological risks of the prospects identified in the area of the licenses and the difficulties expected in commercializing any gas that might be found, the lack of interest in the licenses on the part of potential new investors, and the fact that it is not possible to extend the work plan for the licenses beyond their expiry date in April 2018.
Regional Events
  • Greece launches new offshore oil and gas tenders
According to Reuters on August 7th, 2017, the Greek energy ministry launched two tenders for offshore oil and gas exploration and exploitation in the west and south of the country. Investors will have 90 days to submit offers to the Hellenic Hydrocarbons Resources Management (HHRM) from when the announcement is published in the European Union’s official gazette. The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece’s Energean for a block in the Ionian Sea in western Greece.
  • ENI set to start Cyprus hydrocarbon exploration in November
According to In Cyprus Web Portal on August 10th, 2017, Italian energy company ENI is expected to start three hydrocarbon exploratory wells in blocks three, six and eight in Cyprus’ Exclusive Economic Zone on November 1st. The well in block 6 is a joint venture with French energy concern TOTAL and is in an area hotly contested by Turkey.

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