BMI View: The Israeli Cabinet 's approval of the plan to break up the offshore gas monopoly is a step towards stabilising investor uncertainty in the country , though Knesset approval is still needed. A new compressor unit installed at Ashdod in Q215 will support gas exports by the end of the year.
|e/f = BMI estimate/forecast. Source: EIA, BMI|
|Crude, NGPL & other liquids prod, 000b/d||1.3||1.5||1.5||1.5||1.5||1.7||2.5|
|Dry natural gas production, bcm||6.4||8.5||9.1||9.6||11.1||12.9||18.0|
|Dry natural gas consumption, bcm||7.0||8.5||9.1||9.2||9.2||9.2||10.4|
|Refined products production & ethanol, 000b/d||276.0||280.7||284.2||283.6||279.6||271.2||267.2|
|Refined products consumption & ethanol, 000b/d||238.2||239.7||244.2||242.8||237.0||232.5||225.6|
We highlight the following trends and developments in Israel's oil and gas sector:
The Israeli Cabinet has approved the plan to improve competition in the Israeli offshore by having five major players controlling the three main field groups:
Delek Group is to sell its entire 31% stake in the Tamar field.
Noble Energy is to reduce its stake in the Tamar field from 36% to 25%, but will remain operator.
Both Noble and Delek will be required to sell their entire holdings in the Karish and Tanin fields within 18 months.
Export quotas from the divestment of these fields will be transferred to the Leviathan field, but only once the Tanin and Karish fields are connected to the mainland.
The offshore gas plan still needs to pass through the Knesset, where it will face strong opposition from more nationalistic parties.
We have do not forecast for first gas from the Leviathan project until 2019.
The new compression unit at the Ashdod gas receiving terminal was completed in Q215, increasing the maximum gas output...
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