IO Monthly Update - August 2018
Israel Opportunity's Latest Announcements
  • "Royee" License: Petroleum Commissioner Approved an Update to the Work Plan and Extension

Following an application by the partners to the Royee license, the Petroleum Commissioner at the Israeli Ministry of Energy (the "Commissioner") informed the partners on 2 September 2018 that he has approved an extension to the license until 18 September 2018, under an updated work plan. The work plan's revised schedule now includes signing an agreement with a drilling contractor and transferring it to the Commissioner by 17 September 2018, and spud date by 15 January 2019. The Commissioner added in his letter that the Ministry of Energy intends to launch a second-round competitive bid and in the event that the partners would not follow the updated work plan, the license would be returned to the state and may be included in the next upcoming tender. Israel Opportunity's interest in the license is 10%.
Industry Updates
  • Energean Announces an Initial Estimation of Large Potential in Its New Blocks

Greek company Energean, owner of the Karish and Tanin natural gas reservoirs offshore Israel has announced the initial results of a geological analysis in its five new marine blocks in Israeli waters, together with new prospects in its existing leases, to the London Stock Exchange on 16 August 2018. According to the announcement, the initial report, prepared by Netherland, Sewell & Associates (NSAI), estimates the new prospective resources potential at 212BCM (7.5TCF).
Regional Events
  • Delek and Noble Energy Finalize Details to Purchase Israel-Egypt Pipeline
Bloomberg reported on 8 August 2018 that the two main owners of the largest Israeli gas field Leviathan have together with an Egyptian partner finalized details of a deal to purchase the existing pipeline connecting Israel and Egypt, for the purpose of exporting Israeli gas to Egypt. Bloomberg added that an initial agreement is expected to be signed within a month. The report estimates that the deal would advance Egypt’s plan to capitalize on its own giant Zohr gas field and become a regional energy hub.
  • Eni and Egypt to Sign Concession Agreement for Exploration at the "Noor" Field
According to Calcalist report on 15 August 2018, Eni and Egypt announced the signing of an exploration agreement in the Egyptian concession Noor, which is located approximately 50km offshore Egypt, with an investment of USD 105 million. The Egyptian media outlet Energy Egypt reported that Eni plans to drill an exploratory well in the license during the second half of 2018. In July 2018, informal reports suggested that Noor field contains about 3 times more natural gas than the giant Zohr Field, however both Eni and the Egyptian government denied it. Eni's interest in the permit is 85%, while the other 15% is held by the Egyptian governmental company Tharwa Petroleum.

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