State seeks new guarantees from offshore gas, oil explorers - Israel Environment, Ynetnews

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Minister Landau Photo: Yossi Weiss
Minister Landau Photo: Yossi Weiss

State seeks new guarantees from offshore gas, oil explorers

Energy Ministry sets new guidelines for Mediterranean exploration ventures meant to insure proper protocols, timelines are met

Published: 11.24.12, 08:04 / Israel Environment

The Water and Energy Ministry released a new series of guidelines meant to ensure that entrepreneurs seeking offshore gas and oil exploration permits meet more rigorous criteria.


As part of the new protocols, companies seeking offshore drilling permits would have to present the State with certain guarantees that they will meet deadlines and follow various protocols, including environmental and emergency contingency ones.


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Water and Energy Minister Uzi Landau said that for new land exploration permits, entrepreneurs would have to deposit guaranteed amounting to 10% of the overall project; and for offshore drilling, entrepreneurs would have to deposit guaranteed amounting to 5% of the overall project.


Project that have already been approved but have yet to begin would have to meet the criteria as well.


The new guidelines also include a demand to supply the State with guarantees as to disaster contingencies and insurance policies.


The guidelines aim to allow entrepreneurs to maximize their search for alternative energy sources, while setting in place the proper environmental protection protocols.




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