Israel faces upstream reform challenge (Petroleum Economist)
A government committee has failed to tackle the root causes of a slump in upstream expansion, argues energy analyst Gina Cohen
The application shall be submitted no later than 6 months after the completion of the production tests and after the license holder has performed sufficient production tests and economic calculations to enable him to submit the aforesaid components in a substantiated and verified manner. Each of the above components shall be accompanied by reports, calculations, official certifications and a detailed explanation of each estimate, calculation, figure and price attached to the application. These documents must be prepared in keeping with best industry practice.
Technically recoverable oil
A broader category of resources than for example global proved oil reserves. This category aims to measure those resources that could be extracted using today’s technology. In 2017, this category is estimated to be around 2.6 trillion barrels
The Minister shall be tasked with reviewing the certification applications
The Petroleum Commissioner will be tasked with examining additional means for encouraging the realization of the potential economic benefits of natural gas fields