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Global Energy Advisory – 20th February 2015

International Oil & Gas Spotlight

• After making massive finds offshore Israel, in the Levant Basin, Texas-based Noble Energy and its Israeli partner, Delek Group, are facing regulatory challenges as Israeli officials says the two likely will have to sell off some acreage to break up what is being perceived as a monopoly. First, the Antitrust Authority echoed these sentiments, and this week, Israeli Energy Minister Silvan Shalom chimed in with the same conclusion. Israelis are concerned that due to the potential monopoly situation, electricity prices could increase, along with the cost of living. In March 2014, the Antitrust Authority took a decision to allow Noble and Delek to retain the giant Leviathan gas field (22 trillion cubic feet) and the smaller Tamar gas field (10 tcf, already producing). That decision has now been reversed. The fields were discovered in 2009 and 2010 and will turn Israel into a significant energy exporter. The question now is how the government will ensure the development of the two fields, while at the same time removing the monopoly.

• JKX Oil & Gas is seeking $180 million in compensation from Ukraine, claiming the country has violated international treaties. JKX is currently in talks over a possible buyout. The company has launched arbitration proceedings against Ukraine under the Energy Charter Treaty between the UK and Ukraine and a parallel treaty between Ukraine and the Netherlands. The explorer is seeking compensation…

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