IO Monthly Update - December 2017
Israel Opportunity's Latest Announcements
  • Israel Opportunity Publishes Partnership's Activities Presentation
On December 24th 2017, Israel Opportunity published a new presentation covering the partnership's overall activities. For the full presentation, click here.
Regulatory Developments
  • Cyprus, Greece, Israel and Italy Sign MoU in Relation to the EastMed Pipeline Project
According to Israeli Ministry of Energy, on December 5th 2017, the four countries signed a MoU on cooperation in relation to the EastMed pipeline project, and expressed their objective for an Intergovernmental Agreement within 2018. The MoU was signed by the Energy Ministers of Cyprus, Greece, Israel, and by the Ambassador of Italy in Cyprus, on behalf of the Italian Minister for Economic Development. The European Commission’s Deputy Director General for Energy, Christopher Jones, was also present. The pipeline would ensure a long term Israeli gas export channel to Greece, Italy and other European markets, and will promote the competition in the internal gas market.
  • Petroleum Council Approves Winning Offshore Exploration Bids by Energian and ONGC Videsh
On December 11th 2017, Israeli Minster of Energy announced that the Petroleum Council has approved the Greek and Indian companies as winners in the offshore exploration bid. Greek company Energean's subsidiary Energean Israel Ltd. will receive the exploration licenses for blocks 12, 21, 22, 23 and 31; a consortium of Indian government-owned companies including ONGC Videsh, Bharat PetroResources, Indian Oil Corp and Oil India will receive the license for block 32. In order to conclude the procedure of granting the licenses, the companies are required to further technical conditions within 30 days.
Regional Events
  • Lebanon Approves Offshore Oil, Gas Exploration Bid
On December 14th 2017, Lebanon’s cabinet approved a bid for offshore energy exploration by a consortium made up of France’s Total, Italy’s ENI and Russia’s Novatek, in the country’s first oil and gas offshore licensing round, reported by Reuters. The first licensing round for exploration and production rights was re-launched in January after a three-year delay due to political problems in the country. Total-ENI-Novatek was the only consortium to submit an offer, bidding for block 4 and block 9 of the available five blocks.
  • Egyptian Petroleum Minister Announces Intention to Launch New Oil & Gas Exploration Bids in 2018
The Egyptian newspaper Al-Masry Al-Youm reported on January 2nd 2018, that Petroleum Minister Tarek al-Mulla announced that international bids for oil and gas exploration in several regions of Egypt will be launched in 2018. These projects include the development of the Zohr field’s first phase in the deep waters of the Mediterranean Sea, the second phase of the north Alexandria and west Mediterranean Sea fields, Atoll gas field in north Damietta, Noras field in the shallow waters of the Nile Delta, and concluding the natural gas exploration project in the north Damietta area.

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