The Status of Israel's Offshore Gas Field Developments, the Framework and Other Alternatives" (2016)
- Orin Shefler
- Apr 1, 2023
- 1 min read
Summary
The year 2016 was characterized by further development of the natural gas sector with the approval of the "Framework for Increasing the Quantity of Natural Gas Produced from the Tamar Natural Gas Field and the Fast-Track Development of Leviathan, Karish, Tanin and other Gas Fields” (herein: the Framework). The Framework was the result of negotiations and agreements between the State of Israel and the oil and gas companies, based on the mutual recognition that in
order to preserve the status of Israel as an attractive destination for investment requires balancing between various interests. In 2016, some uncertainty remained until the Framework was finally scrutinized by the judicial system (with changes to the section on regulatory stability). Thus, a connection between foreign relations and security on the one hand and the natural gas sector on the other was established and ratified. Moreover, in 2016 mutual steps were taken by the State and the oil and gas companies in preparation for the final investment decision on developing the Leviathan reservoir (herein: Leviathan) and other fields. In 2016, the State also took steps to increase local demand for natural gas by encouraging the conversion of industry to natural gas, the use of natural gas in private and public transportation and expansion of the onshore transmission and distribution infrastructure according to a structured work plan. A goal of the aforementioned actions was amongst other things, to encourage the development of the gas fields in a timely manner. In addition, technological alternatives and plans for developing the gas fields were examined.
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