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Israel: Authorities grant energy giant exploration rights

By  |  April 15, 2013
Israel: Authorities grant energy giant exploration rights

Israel’s Antitrust Authority has announced its approval for energy giant Israel Opportunity Energy Resources LP to acquire exploration rights in a move that will restructure the market. The rights to Pelagic exploration, Gal and Neta licenses will reportedly allow the nation’s Petroleum Commissioner to approve a new ownership structure of the Roy and Neta licenses, of which Israel Opportunity will own 10 percent. Ratio Oil Exploration will own 70 percent and Edison International SpA, based in Italy, will own 20 percent. The Gal license is a deepwater license west of Netanya; it is part of the Leviathan structure. Antitrust officials first got involved with the case when it initially decided Israel Opportunity would have to divest license rights if it discovered natural gas.

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