The Ministry of Energy has awarded 12 new licences for oil and gas exploration offshore Israel to the two consortia that had submitted bids. The consortium of Cairn Energy (with SOCO International and Ratio Oil) was awarded eight licenses, while the consortium of Energean and Israel Opportunity was awarded four licences in the Zone D (licences 55, 56, 61 and 62). Energean has identified a prospect within the Zone D that would be similar to the Tamar Sand fields (Karish, Tamar and Leviathan). Winners will have three years to explore the blocks (with an option for a four-year extension).
The tender was launched in November 2018, which failed to attract large investors (the two winners were the only bidders). Israel discovered large oil and gas resources in the eastern Mediterranean in 2009 and launched its first round in 2016, awarding six exploration licences to Energean and a consortium of four Indian companies in December 2017. The third tender for exploration is expected in 2021.
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