IO Monthly Update - July 2014
Israel Opportunity Latest Announcements
  • The Petroleum Commissioner approves updated work program in "Neta" and "Royee" licenses
On 27.07.2014, the Petroleum Commissioner in The Ministry of National Infrastructures, Energy and Water Resources approved the updated work program in the "Neta" and "Royee" licenses. The following milestones have been updated in the work program: submitting a resource report by February 15th 1015, and Spud date on December 15th 2015.
  • Petroleum Commissioner approves transfer of 10% of the participation rights in "Oz" license to Israel Opportunity
On 22.07.2014, the Petroleum Commissioner approved the request to transfer 10% of the participation rights in the offshore license "Oz", from Frendum Investments Limited to the Partnership.
Industry Updates
  • Leviathan gas estimate has been revised upwards
According to an updated resources report by NSAI, the amount of gas in Leviathan is 16% higher than revised in previous estimations. Thus, the quantity of gas in Leviathan stands for 21.93 TCF, compared to 18.9 TCF in previous report.

  • Approval for Afek's drilling in Golan Heights
The Northern Regional Planning and Building Commission approved a plan by Effie Eitam's Afek Oil and Gas Ltd for exploratory drilling of oil wells in southern Golan Heights, despite hundreds of objections by local residents.

  • Noble Energy: Gaza conflict will lower Tamar sales
According to Globes magazine, Noble Energy COO David Stover says the regional situation will cause gas sales to drop slightly. "The third quarter estimate also included a reduced assumption for natural gas sales in Israel as a result of the ongoing conflict," said Stover.

Regulatory Developments
  • A plan for onshore facilities of gas streaming from the sea has been approved
The Ministerial Committee of Interior Affairs approved on 27.07.2014 a plan for two new northern reception terminals for natural gas. The purpose of the program is to provide Israel with a regular and continuous gas supply, even in case of attacks, faults and natural disasters.




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