"Israel Oil & Gas Report Q3 2016" Published

From: Fast Market Research, Inc.
Published: Wed Jul 20 2016

A lasting agreement and successful implementation of Israel's new offshore gas framework is crucial for the development of the country's prospective gas industry over the coming decade. While recent approval of the revised gas plan is a positive step, we remain cautious with our forecasts due to strong opposition to the contentious stab ilisation clause within the country.

Latest Updates and Key Forecasts

On 22 May 2016, Israel's government approved the revised stabilisation clause in the country's offshore gas plan, after it had been rejected by the Supreme Court in March 2016. While this is a positive step, we remain cautious with our forecasts due to strong opposition to this deal within the country.

In late May 2016, the partners at Israel's Leviathan gas field signed an agreement to supply natural gas from the Leviathan field to a power facility controlled by IPM Be'er in central Israel. The USD3bn agreement sees gas deliveries amounting to 13bcm during a period of 18 years.

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In May 2016, local oil and gas company Israel Opportunity reported that its Hatrurim license could contain between 7-11mn bbl of oil.

Noble Energy is reportedly negotiating the sale of 11% stake in the Tamar gas field to three Israeli companies - Clal Insurance, Harel Insurance and Finance and Menora Mivtachim. Currently, Noble Energy holds 36% interest in the field. The estimated value of the deal - approximately USD1.0bn.

We forecast Israel's current refining capacity to remain stable at 297,000b/d until 2025. Gradually rising oil prices and increasing regional competition in the refining sector will push Israel's refined products output slightly lower during our forecast period. Production is set to decline from an estimated 292,660b/d in 2015 to around 277,000b/d in 2025.

We forecast Israel's gas consumption to increase by more than 40% over the coming decade, rising from 8.7bcm in 2015 to 12.3bcm in 2025. An upside to our forecasts comes from the increased usage of gas in transportation and power sectors.

We believe that Israel will start exporting natural gas from Tamar field from 2018 onward. We expect that the additional production from Leviathan field will boost the country's gas exports to a peak of 14.2bcm in 2021. However, this remains dependent on whether Leviathan partners reach a Final Investment Decision on the development of the field.

The Israel Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Israel including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

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