Israeli round draws bids for 12 blocks

Five companies have submitted proposals to explore for oil and gas on 12 blocks among 19 offered in Israel’s second offshore licensing round.


The offered blocks are as large as 400 square kilometres, grouped in five zones as large as 1,600 square kilometres.


According to the Jerusalem Post, bids came from a group comprising SOCO International, Cairn Energy, and Ratio Oil Exploration and a combine of Energean Oil & Gas and Israel Opportunity.


The main proposal criteria for the royalty-and-tax leases were work programmes and signature bonuses.


Source: Oil & Gas Journal