Israel’s offshore open for business

The eastern Mediterranean basin could replace depleting North Sea reserves on international markets, Israel’s energy minister tells Petroleum Economist. But it may struggle to find markets for its gas

After years of closing its waters to foreign exploration Israel is sending a clear message that its offshore is open for business. It wants to position itself as a key gas supplier to the eastern Mediterranean and continental Europe. In August the country launched its first offshore licensing round in the hope of luring investors into its waters. There are 24 blocks on offer in the Levant Basin, in the eastern Mediterranean Sea. The blocks vary in size, up to 400 sq km and sit in water depths of between 1,500-1,800 metres. The bidding round closes at the end of March 2017. "Over the next few months we’re going to offer our economic water for new exploration and discoveries,” Dr Yuval Steinit