Israel is seeking new investors to explore for natural gas fields in the offshore areas, as the country’s Energy Minister, Yuval Steinitz, is touring talks in London with energy giants, hoping to interest companies to explore in its 24 blocks, which account for 40% of the nation’s economic waters, Bloomberg reported. Exploration Licenses could be issued as soon as November, and would be the first in four years, said Steinitz, stressing the case that prospects for finding big reserves are good.
“According to geological and seismological surveys, it is very probable that most of the natural gas is yet to be found,” Steinitz said.
A report by French consultants Beicip-Franlab SA estimated that Israel’s waters hold 2,200bcm of undiscovered gas, which is about two and a half times the amount contained in known fields.
In addition, Israeli Energy Minister affirmed that the country is also seeking solid diplomatic relations with other potential energy partners in the region. Israel thus held gas talks with Egypt, Jordan, and the Palestinian Authority, and is considering building a pipeline to Turkey and using idle LNG facilities in Egypt.
Exploration has been stalled in Israel as the government struggled to regulate its nascent energy industry.