By OGJ editors
HOUSTON, Oct. 16 -- The Israel Ministry of National Infrastructures (MNI) has approved a permit enabling Toronto independent PetroMed PLC to begin exclusive exploration on 3,500 sq km of prospects in the Mediterranean off Haifa in northern Israel.
PetroMed has assembled its exploration and technical development team under an exploratory budget of about $17.2 million through first quarter 2008, when it said it would be prepared to drill "in a world-class offshore turbidite formation."
The blocks range from 50 to 70 km from the coast in 1,000-2,000 m of water. PetroMed, which is amassing seismic data over this part of the Levantine basin, plans to explore for undrilled deeper targets similar to discoveries that have been made in the Nile Delta off Egypt, said David Peace, exploration manager.
After completing other work programs, PetroMed could be awarded drilling licenses for 5-7 years, and upon successful discovery, awarded 30-50-year production certificates.
Israel hopes to find and produce enough oil and gas to satisfy its 385,000 boe/d domestic demand and eventually allow it to become a net energy exporter. The country currently produces only about 1,000 boe/d, which results in a daily energy balance of payments deficit of $14 million (see maps, story OGJ, Oct. 3, 2005, p. 22). Israel also wants domestic gas and oil to replace imported coal used for electric power generation.
