The Ministry of Energy announced on June 23, 2020 the launching of its 3rd Offshore Bid Round (OBR3) for natural gas and oil exploration offshore Israel.
The Ministry of Energy invites interested parties to participate in a competitive, bidding process for granting of exploration license in Block #72, located in the northern part of the Israeli exclusive economic zone (EEZ).
Block #72 which occupies part of the expired Alon-D license, is located near major gas fields such as Karish and Tamar; and geologic analysis shows the potential for similar gas accumulations also in the block area.
As the block is located near the northern border of the exclusive economic zones of Israel, activity in this area is carried out with the appropriate precaution and in coordination with the Ministry of Foreign Affairs and relevant government agencies.
The license will be granted for an initial period of 3 years followed by two optional extension periods of 2 years each. The license terms include a commitment to analyze the available geological and geophysical data and identify potential drilling targets within 18 months of granting.
The evaluation criteria in this bid includes signature bonus (70%) and a work program commitment (30%). A comprehensive data packages with well, 2D and 3D seismic data is included in the bid documents.
The competitive process will begin in June 2020 and will end in September 2020.