Isreal launches new bid for gas & oil drilling

CNC
Added On December 4, 2018

Israel has launched a second round of bidding to grant licenses for natural gas and oil exploration activities along its western coast.
 
Israel's Minister of Energy said Sunday the fact that Israel has become a gas exporter to Jordan and Egypt, along with an agreement to build an Israeli-European gas pipeline, "creates a more attractive environment for international energy companies".  
 
The upcoming round of bidding follows an earlier round that granted six licenses. Some successful?bidders are expected to start drilling in the coming months. 
 
Licenses for 19 blocks will be issued during the new round of bidding.
 
Submissions will be accepted through June 2019. Israel will start announcing winners one month later in July.
 
Exploration licenses will be granted for an initial period of three years.
 
After completing their commitments, licensees can then request a two-year license extension.