Israel’s offshore open for business
The eastern Mediterranean basin could replace depleting North Sea reserves on international markets, Israel’s energy minister tells Petroleum Economist. But it may struggle to find markets for its gas
After years of closing its waters to foreign exploration Israel is sending a clear message that its offshore is open for business. It wants to position itself as a key gas supplier to the eastern Mediterranean and continental Europe. In August the country launched its first offshore licensing round in the hope of luring investors into its waters. There are 24 blocks on offer in the Levant Basin, in the eastern Mediterranean Sea. The blocks vary in size, up to 400 sq km and sit in water depths of between 1,500-1,800 metres. The bidding round closes at the end of March 2017. "Over the next few months we’re going to offer our economic water for new exploration and discoveries,” Dr Yuval Steinit
Also in this section
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
