Israel Invites Bids For Gas, Oil Explorations In Mediterranean

11/16/2016 - 19:55 PM

Jason Boutros

Israel officially invited bids for new gas and oil explorations licenses on the Mediterranean, Israeli Minister of National Infrastructure, Energy and Water Resources Yuval Steinitz announced yesterday.

“We are offering for exploration half of our economic waters in 24 blocks,” Steinitz said in a press conference held in Jerusalem, noting that the aim of these new licenses is to turn Israel into a “gas empire.”

“The opening of the sea for natural gas and oil searches is the best investment for Israel and its future,” noting that Israel would be “flooding the market in the coming years with natural gas, despite all the obstacles and regulatory difficulties.”

The minister said that more than half of Israel is powered by natural gas, but stressed that it would eventually be producing 70-80 per cent of its electricity from this resource.

“We are offering for exploration half of our economic waters in 24 blocks,” Steinitz said, noting that tenders need to be received by 21 April 2017.

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