Israel moving forward with more natural gas exploration

Tel Aviv [Israel], July 17 (ANI/TPS): In the competitive procedure that has now closed at the Ministry of Energy and Infrastructure, 4 groups, consisting of 9 different companies, of which 5 are new companies, submitted 6 proposals for obtaining licenses in the areas proposed as part of the fourth competitive procedure of the Ministry of Energy and Infrastructure for obtaining licenses to search for natural gas in Israel’s economic waters.
During the coming weeks, the professionals in the Natural Resources Administration at the Ministry of Energy and Infrastructure will examine the compliance of the proposals with the professional and economic threshold conditions, as well as examine the submitted work plans.
After that, the results will be forwarded for the petroleum council’s recommendation and a final decision by the petroleum affairs commissioner in the ministry. The purpose of the procedure is to enable the discovery of additional natural gas reserves in the economic waters of the State of Israel.
The scope of the proposals and the diversity of the bidders will lead to new companies searching for natural gas in Israel’s economic waters, and as natural gas is found, the certainty of energy supply to the Israeli economy will increase, competition will expand and the state’s revenues will increase.
Minister of Energy and Infrastructure, MK Israel Katz: “We are a land of milk, honey and natural gas – and the tremendous success of the fourth procedure indicates that the State of Israel stands at the forefront of the global energy economy. Energy is power, and the revenues generated for the local economy will be reinvested for the benefit of all citizens Israel.” (ANI/TPS)