Israel opens bids for offshore gas explorations in north
By Trend
The Israeli Ministry of Energy on Tuesday launched a bid round to provide licenses for offshore natural gas explorations in northern Israel, Trend reports citing Xinhua.
The area offered for bidding includes 20 exploration blocks in four zones, totaling 5,888 square kilometers, much larger in size than the nearby active gas fields Leviathan and Tamar, the ministry said in a statement.
The bid round was launched amid the global energy crisis and many countries' strategy of diversifying natural gas supply, and the increasing recognition of the importance of natural gas in enabling renewables, the statement said.
The purposes are mainly to increase the certainty of natural gas supply to Israel, expand competition between suppliers, reduce consumer prices, and connect more industrial plants with natural gas, it said.
The working period for the blocks offered includes two drill-or-drop decision points after three and five years, and it may be extended up to seven years from the date of the award.
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