Page 11 - MEOG Week 44
P. 11
MEOG ProJeCts & ComPanIes MEOG
Energean picked up five nearby licences in the north of Israel’s Exclusive Economic Zone (EEZ) in 2017 following the country’s first inter- national offshore bid round. It recently followed up by winning four licences in consortium with Israel Opportunity during the latest auction, with each of these covering 400 square km.
The deadline for bidding was pushed back from June 17 to July 15 amid apparent concerns about a lack of interest.
at the time, the Petroleum Commissioner said the delay came about to give bidders “more time to complete their assessments”, expressing satisfaction with the interest shown by partici- pating companies.
Winning bids from the round were originally scheduled to be announced on august 12.
The acreage was divided into five “clusters” as part of efforts to encourage a single company or consortium to acquire multiple contiguous licences.
The $2.5mn “basic participation guarantee” paid for the first block falls to $500,000 for each additional block purchased within the grouping.
Licences will have an initial duration of three years, which will be extendable by two years on condition of a commitment to drill at least one well during the period and by a further two years contingent on a promise to drill a well in each of the licences acquired.
PrICes
Energean Power FPSO
Date
WTI (US$)
ICE Brent (US$)
DME Oman (US$)
OPEC Basket (US$)
29 October
55.68
61.23
60.40
61.44
30 October
55.10
60.24
60.70
61.24
31 October
54.25
59.62
59.77
60.52
01 November
56.27
61.69
62.00
60.19
04 November
56.60
62.13
62.45
62.00
Week 44 05•November•2019 w w w . N E W S B A S E . c o m P11
