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Israel: Brazil's Petrobras to bid in Israeli gas tender - Israeli minister


31 Mar 2019

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Israel’s energy minister said on Sunday that Brazilian state-run oil firm Petrobras will take part in a tender to explore for oil and gas off Israel’s shore.

'It was agreed that Petrobras ... will take part in a process of oil and gas exploration in Israel,' Energy Minister Yuval Steinitz told Army Radio as Brazilian President Jair Bolsonaro began a visit to Israel.

Israel announced the launching of its second bid round to grant exploration licenses for natural gas and oil in Israel’s economic waters in the Eastern Mediterranean in November last year.

In the new bid round, licenses for 19 blocks will be issued in five zones.  Each block measures up to 400 sq km (250 sq mi) and each zone, consisting of multiple blocks, can be as large as 1600 sq km (1000 sq mi). The decision to market the blocks in zones is to allow better correlation between the exploration areas and subsurface geological structures that potentially contain oil and gas reservoirs. Holding larger interests will allow efficient subsurface evaluation and will increase the attractiveness of the zones to investors.

The zones are located in the southern extent of Israel’s economic waters, an area which has been previously licensed in part and had previous seismic research and limited exploration activity. The existing research indicates the potential for the discovery of hydrocarbons in the bid round area.

Click here for further information on the bid round: Israel launches its 2nd offshore bid round

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Source: Reuters / energy-pedia





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