Israel's offshore in search of regulatory shake-up

The country's latest licensing round failed to lure IOCs to its upstream

Twice delayed, Israel's offshore licensing round for 24 blocks closed on 15 November. It was a disappointment: the only submissions were from Greece's Energean, and a consortium of four large Indian corporations: ONGC Videsh, Bharat PetroResources, Indian Oil and Oil India. It's hard for Israel to put a brave face on it. This is the first bidding round since the granting of offshore licenses was suspended four years ago. The disheartening reality Israel has to face is that ever since the its first domestic, offshore gas discovery in 2000, the country has struggled to attract and keep investment from international oil companies. The Ministry of Energy has promised another licensing round in 2