Israel’s High Court struck down the government’s controversial proposal to regulate the natural gas industry, in a dramatic ruling that blocked plans to develop the country’s largest field and conclude export deals.
Partners in the Leviathan natural gas site in Israel are said to be in talks to supply gas to a number of companies in the region. A statement to the Tel Aviv Stock Exchange showed a message from units of Delek Group which said the firms were private electricity producers and industrial companies.
Israel's government has given the go-ahead to begin exporting natural gas to Egypt in a move which could signal an improvement in relations between the two countries. The country will be able to sell five billion cubic metres of gas to Egypt over the course of the next seven years from the Tamar site off its Mediterranean coast.
The Israeli Prime Minister has given final approval for the development of the Leviathan natural gas field off Israel's coast.
The resignation of Israel’s economy Minister Aryeh Deri has paved the way for the country to develop its natural gas fields.
A major oil discovery has been made in the Golan Heights, according to reports. The Israeli energy company Afek Oil and Gas said the firm could have potentially discovered billions of barrels in the disputed region. Yuval Bartov, the company's chief geologist, told a news station in the region the find was one of "significant quantities."
Shares of the natural-gas exploring units of Delek Group Ltd. plunged the most in 14 years in high volume on concern the discovery of the Mediterranean’s largest field off the coast of Egypt will curtail their exports. Delek Drilling LP and Avner Oil Exploration LLP, partners in the Leviathan field, declined the most since 2001 in above- average trading volumes at the close in Tel Aviv after Eni SpA discovered the “super giant” field that it says may hold 30 trillion cubic feet of gas, enough to contribute to Egyptian supply for decades. Delek Group dropped 12 percent, the biggest loss since Dec. 23. Ratio Oil Exploration 1992 LP fell 23 percent. The companies are jointly drilling Leviathan, Israel’s largest offshore field, with Houston-based Noble Energy Inc.
Eco Wave Power, an Israeli maker of ocean energy systems, raised initial funding for a $150 million pipeline of planned projects to use waves to generate electricity. The technology maker secured $2 million from Pirveli Ventures, with a representative of Pirveli joining its board of directors, Eco Wave said Monday. It will use the funds to start to develop 111 megawatts of marine-energy projects planned in countries including the UK, China, Mexico and Chile, co- founder Inna Braverman said.
Israeli prime minister Benjamin Netanyahu has branded the Iran nuclear deal a mistake of “historic proportions” and vowed to maintain efforts to block the Islamic republic from obtaining an atomic bomb. His reaction was echoed across the political spectrum in Israel, where concern is high that the country’s arch enemy has duped the world and will acquire nuclear weapons to use against Israel. Iran already backs militant groups that attack Israel and its leaders have referred to Israel’s destruction in the past. Mr Netanyahu has been at the forefront of global opposition to the deal and has openly clashed with Barack Obama’s US administration and other western powers who have been pushing for an easing of sanctions in return for greater restrictions on Iran’s nuclear programme.
A forum of top Israeli ministers will meet on Thursday to try to break up a regulatory logjam stalling the development of Israel’s biggest natural gas field. Disputes over ownership and pricing have held up the production of gas from the offshore Leviathan gas field, controlled primarily by Houston-based Noble Energy Inc. and Israel’s Delek Group Ltd. Ministers will be asked to declare gas resources a national security issue, overriding the country’s antitrust authority to push ahead a contested natural gas policy.
An oil and gas exploration company and energy provider has begun drilling work on its first well in northern Israel. Genie Energy Ltd subsidiary company, Afek, has spudded its first exploratory well in the Golan Heights region of the country, which they are expecting to drill to a depth of around 3,280 ft. Chairman and chief executive officer of Genie Energy, Howard Jonas, said that studies show the area "may hold billions of barrels of oil".
Energy experts from across the globe will join forces in Israel for an oil and gas exhibition. The Universal Oil and Gas 2014 (UOG 2014) is expected to be the largest event of its kind in the country, and aims to create a platform for collaboration and partnership in the Israeli oil and gas industry.