On 4 November 2018, the Israeli Ministry of Energy announced the launch of a 2nd Offshore Licensing Round. The bid round will comprise 19 offshore exploration blocks which will be issued within five zones. Each of the blocks measures approximately 400 sq km whereas a zone may measure up to 1,600 sq km. The zones and blocks are all located in the southern part of Israelâs offshore area. Exploration licences, once granted, will be valid for an initial three year period. After completing any work commitments, the licence can be extended for a further two years with the submission of an additional work plan. The licence may then be extended for an additional two years. The number of licences granted to any one party is limited to eight. The participation guarantee for the first block licenced in a zone will be USD 2.5 million. Every additional block in the zone will require an additional guarantee of USD 0.5 million with the maximum guarantee required for four consecutive blocks in a zone being USD 4 million. An additional guarantee of USD 5 million is required prior to drilling.  Interested companies are expected to register their interest and purchase a data package from the Ministry of Energy (http://www.energy-sea.gov.il/English-Site/Pages/HomePage.aspx). The bid submission deadline is in June 2019 with announcement of the successful bidders being held in July 2019.     Â   Map Source: Israeli Ministry of Energy
Israeli Ministry of Energy announced the launch of a 2nd Offshore Licensing Round. The bid round will comprise 19 offshore exploration blocks which will be issued within five zones. Each of the blocks measures approximately 400 sq km whereas a zone may measure up to 1,600 sq km. The zones and blocks are all located in the southern part of Israelâs offshore area. 