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Israel Oil and Gas Report Q2 2016

Israel Oil and Gas Report Q2 2016

BMI View: Efforts to block the natural gas framework in the High Court continue drag out itsimplementation and mar investor confidence in the Israeli oil and gas sector. Exports of gas are expected tobegin from H216.

We highlight the following trends and developments in Israel's oil and gas sector:

Prime Minister Benjamin Netenyahu approved the gas framework on December 17 2015.

Four successful petitions were filed with the High Court of Justice, in particular opposing the 'stabilityclause' which freezes regulatory and price changes for 10-15 years.

The Court suggested an independent legal solution should be sought for the stability clause, a dealunlikely to pass in Knesset. Uncertainty remains.

The framework would trigger the following restructuring of the Israeli offshore:

Delek Group is to sell its entire 31% stake in the Tamar field within six years.

Noble Energy is to reduce its stake in the Tamar field within six years from 36% to 25%, but willremain operator.

Both Noble and Delek will be required to sell their entire holdings in the Karish and Tanin fieldswithin 14 months.

Export quotas from the divestment of these fields will be transferred to the Leviathan field, but onlyonce the Tanin and Karish fields are connected to the mainland.

The gas framework will allow for new exploration once passed, with Minister Yuval Steinitz expecting tooffer new exploration licenses.

The gas framework will progress work on the Tamar expansion project, which we forecast to increaseproduction from mid-2018, and support progress on the Leviathan field.


BMI Industry View
Table: Headline Forecasts (Israel 2014-2020)
SWOT
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
Upstream Projects
Table: Key Upstream Projects In Israel
Upstream Production - Oil
Latest Updates
Structural Trends
Table: Oil Production (Israel 2014-2019)
Table: Oil Production (Israel 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
Table: Tamar Project Gas Sales Agreements
Table: Letters Of Intent To Supply Leviathan Gas
Table: Gas Production (Israel 2014-2019)
Table: Gas Production (Israel 2020-2025)
Refining
Latest Updates
Structural Trends
Table: Refining Capacity and Refined Products Production (Israel 2014-2019)
Table: Refining Capacity and Refined Products Production (Israel 2020-2025)
Refined Fuel Consumption
Latest Updates
Structural Trends
Table: Refined Products Consumption (Israel 2014-2019)
Table: Refined Products Consumption (Israel 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
Table: Gas Consumption (Israel 2014-2019)
Table: Gas Consumption (Israel 2020-2025)
Trade - Oil
Latest Updates
Structural Trends
Crude Oil Trade Outlook
Table: Crude Oil Net Exports (Israel 2014-2019)
Table: Crude Oil Net Exports (Israel 2020-2025)
Refined Fuels Trade Outlook
Table: Refined Fuels Net Exports (Israel 2014-2019)
Table: Refined Fuels Net Exports (Israel 2020-2025)
Trade - Gas (Pipeline And LNG)
Latest Updates
Structural Trends
Table: Leviathan Export Possibilities
Table: Gas Net Exports (Israel 2014-2019)
Table: Gas Net Exports (Israel 2020-2025)
Industry Risk Reward Index
Middle East - Oil & Gas Risk/Reward Index
Table: Middle East Oil & Gas Risk/Reward Index
Upstream: Index Resilient In Lower Price Environment
Table: Middle East Upstream Oil & Gas Risk/Reward Index
Downstream: Limited Opportunities
Table: Middle East Downstream Oil & Gas Risk/Reward Index
Israel - Risk/Reward Index
Market Overview
Israel Energy Market Overview
Regulatory Structure
Fiscal Regime
Table: Key Petroleum Taxes
Licensing Regime
Oil And Gas Infrastructure
Oil Refineries
Table: Israel - Refineries
Oil Pipelines
Table: 750km Of Pipelines
Oil Terminals
Table: 3.7mn Cubic Metres Of Storage Capacity
Gas Storage
Gas Pipelines
Competitive Landscape
Table: Key Players - Israeli Oil And Gas Sector
Table: Key Downstream Players
Company Profile
Noble Energy
Table: Letters Of Intent To Purchase Leviathan Gas
Table: Noble Dominates Israeli Offshore
Other Summaries
Regional Overview
Middle East Oil And Gas Regional Overview
Oil Production: Weak Prices Have Limited Impact On Growth
Oil Consumption: Gradual Subsidy Reform To Temper Demand Growth
Refining Capacity: 2mn b/d Of New Capacity By 2020
Gas Production: Low Oil Prices Hinder Gas Progress
Gas Consumption: Switch To Gas Power Will Boost Demand
Table: Middle East - Oil And Gas Production, Refining Capacity And Trade (2013-2024)
Glossary
Table: Glossary Of Terms
Methodology
Industry Forecast Methodology
Source
Risk/Reward Index Methodology
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
Table: Weighting

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