(MENAFN- AzerNews) By trend
The Israeli Ministry of Energy on Tuesday launched a bid round
to provide licenses for offshore natural gas explorations in
northern Israel, trend reports citing xinhua .
The area offered for bidding includes 20 exploration blocks in
four zones, totaling 5,888 square kilometers, much larger in size
than the nearby active gas fields Leviathan and Tamar, the ministry
said in a statement.
The bid round was launched amid the global energy crisis and
many countries' strategy of diversifying natural gas supply, and
the increasing recognition of the importance of natural gas in
enabling renewables, the statement said.
The purposes are mainly to increase the certainty of natural gas
supply to Israel, expand competition between suppliers, reduce
consumer prices, and connect more industrial plants with natural
gas, it said.
The working period for the blocks offered includes two
drill-or-drop decision points after three and five years, and it
may be extended up to seven years from the date of the award.
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