• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 13 hours Oil prices going Up? NO!
  • 14 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 13 mins Kenya Eyes 200+ Oil Wells
  • 4 hours The Tony Seba report
  • 1 day Oil prices going down
  • 9 hours Saudi Arabia turns to solar
  • 2 days Could Venezuela become a net oil importer?
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Oil Buyers Club
  • 2 days Gazprom Exports to EU Hit Record
  • 21 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 14 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 13 mins OPEC soap opera daily update
Global Energy Advisory – 22nd June 2018

Global Energy Advisory – 22nd June 2018

Bottlenecks in the Permian are…

Indian ONGC To Bid For Israel’s Offshore Oil & Gas Blocks

Offshore

In what could be a first major official energy deal between the two countries, India’s state-owed ONGC plans to bid for exploration rights of oil and gas blocks offshore Israel, Indian Oil Minister Dharmendra Pradhan told Reuters on Monday.

“We will definitely bid for Israel’s oil-and-gas blocks,” Pradhan told Reuters, after Indian Prime Minister Narendra Modi visited Israel in July, which laid the foundations for wider industry cooperation between the two countries, including in the energy sector.

In August, a senior-level Indian government delegation and managers of four Indian energy companies visited Israel to discuss the firms’ potential interest in the 1st Israeli offshore bidding round for oil and gas exploration. The managers of the Indian companies and senior government officials were briefed by Israel on the status of development of oil and gas resources in the Eastern Mediterranean, the potential for oil and gas offshore development, the Israeli fiscal regime, and the terms of the bidding round, Israel’s Ministry of Energy said.

During Modi’s visit to Israel in July, India and Israel agreed to set up a joint task force to boost their energy cooperation, among others.

The follow-up visit by Indian energy companies included representatives of India’s oil ministry and managers at IOCL, OVL, BPCL, and Hindustan Petroleum, Israel’s Ministry of Energy noted.

In June this year, Israel extended the deadline for the first offshore bid round until November 15, 2017, from the previous deadline of July 10, in order to give more time to international oil and gas companies to bid on exploration rights in Israeli waters. The Israeli energy ministry is trying to encourage more companies to participate in the bidding round by explaining the regulatory process and answering the firms’ apprehension about investing and promoting investments in Israel, due to the sensitive geopolitical situation. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News