Geologists and resources economists have confirmed that the occupied Palestinian territory (oPt) lies above sizeable reservoirs of oil and natural gas wealth, in Area C of the West Bank and the Mediterranean coast off the Gaza Strip, according to a recent UNCTAD study.
JERUSALEM, Oct 30 (Reuters) - Israel’s Energy Ministry said on Sunday it had awarded 12 licences to six companies to explore for natural gas off the country’s Mediterranean coast, aiming to create more competition and diversify suppliers.
The licence awards, which came as the Israel-Hamas conflict entered its fourth week, included one group led by Italy’s Eni (ENI.MI) along with Dana Petroleum and Israel’s Ratio Energies (RATIp.TA) which will explore in an area west of the massive Leviathan field, which supplies Israel with gas and is also used for export.
A second group, involving Azerbaijan’s national oil company Socar along with BP (BP.L) and Israel’s NewMed (NWMDp.TA), will explore north of the Leviathan, the ministry said.
“The winning companies have committed to unprecedented investment in natural gas exploration over the next three years, which would hopefully result in the discovery of new natural gas reservoirs,” Energy Minister Israel Katz said.
The licences will last for an initial three years, with the option to extend to up seven years, depending on progress.
Even before completing the Gaza ethnic cleansing project, they’ve already rented out offshore drilling rights:
Israel awards gas exploration licences to Eni, BP and four others