IO Monthly Update - October 2018
Regulatory Developments
  • Ministry of Energy announces Israel’s 2nd Offshore Bid Round
On November 4th, 2018, Israel announced the launching of its second licensing round for exploration of natural gas and oil in Israel’s economic waters. The upcoming bid round is pursuant to an earlier round which began 2 years ago in which 6 licenses were granted. In the new bid round, licenses for 19 blocks will be issued in five zones. Each block measures up to 400 sq km and each zone, consisting of multiple blocks, can be as large as 1600 sq km. The zones are located in the southern extent of Israel’s economic waters. According to the Ministry of Energy, announcement of the bid winners will take place in July 2019.
 
Industry Updates
  • Energean traded on the Tel Aviv Stock exchange
On October 29th, 2018, the management of Energean Oil and Gas opened the trading on the Tel-Aviv Stock Exchange (TASE) on it joining TASE. This makes it a dual-listed company, as Energean is incorporated in the UK and has been traded on the LSE with a premium listing since March 2018. Energean is the first London listed, international oil and gas operator to list its shares on the TASE. The company will be included in the TA 90 and the TA Oil and Gas indices on the fast track.
Regional Events
  • Tensions between Turkey and Greece over oil and gas explorations
According to Reuters on October 24th, 2018, Turkey warned Greece on to stay out of its activities in the eastern Mediterranean, heralding a potential showdown with Cyprus over hydrocarbons research. The drillship of ExxonMobil is reportedly expected to arrive in the port of Limassol as the US energy giant plans to start drilling in Cypriot Block 10 later this month. Turkey, which has opposed Cyprus’ efforts to drill in its EEZ, has not claimed Block 10 until now. However, Ankara reportedly argued that a section of Block 10 is located in an area where Turkish Cypriots also have rights.


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