28 June 2012 US Boosts Middle East Oil Deals in Israel Update

 

[Federal Register Volume 77, Number 125 (Thursday, June 28, 2012)]
[Notices]
[Pages 38584-38585]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-15785]

———————————————————————–

DEPARTMENT OF COMMERCE

International Trade Administration

Oil and Gas Trade Mission to Israel–Clarification and Amendment

AGENCY: International Trade Administration, Department of Commerce.

ACTION: Notice.

———————————————————————–

SUMMARY: The United States Department of Commerce, International Trade
Administration, U.S. and Foreign Commercial Service (CS) is publishing
this amendment to the Notice of the Oil and Gas Trade Mission to
Israel, 77 FR 21748, April 11, 2012, to amend the Notice to revise the
Commercial Setting to include new information regarding the shale oil
industry in Israel. The revised notice will include information on a
shale oil project initiated by Israel Energy Initiatives (IEI), a
subsidiary of publicly-traded U.S. company, Genie Energy Ltd.

SUPPLEMENTARY INFORMATION: Amendments to Revise the Commercial Setting
to include information on the shale oil project undertaken by Israel
Energy Initiatives:

Background

The new information regarding the shale oil project undertaken by
Israel Energy Initiatives, represents a significant export opportunity
for U.S. manufacturers. The pilot test project due to begin in 2013
will require significant procurement, on the behalf of Israel Energy
Initiatives. In order to ensure the mission statement is accurate and
helpful to U.S. manufacturers, the Trade Mission Statement will be
amended to include this information.

Amendments

1. For the reasons stated above, the Oil section of the Notice of
the Oil and Gas Trade Mission to Israel, 77 FR 21748, April 11, 2012,
is amended to read as follows:

Oil and Shale Oil

In March 2010, the U.S. Geological Survey reported that there is an
estimated 1.7 billion barrels of recoverable oil in Israel.[6] Also,
the World Energy Council estimates Israel’s shale deposits could
ultimately yield as many as 250 billion barrels of oil.[7] In March
2012, another offshore discovery was made by Modiin and Adira Energy
northwest of Tel Aviv, with an estimated 128 million barrels of oil, as
well as natural gas.[8] The Meged Field may also contain significant
oil reserves. In June 2011, Israeli oil exploration company, Givot
Olam, announced that its test production site, Meged 5, was producing
800 barrels a day. According to a report by the international
consultancy Baker Hughes, Givot Olam will develop Meged 6 and Meged 7
and perform well stimulation for all its drillings; in the next stage
the company will drill up to 40 wells throughout the Meged field.[9] In
February 2012, MEWR approved continued production at Meged 5, and
development of Meged 6-14 drillings.[10]

[6] “Delek Energy Provides Update on the Drilling at Leviathan
1 Well.” Delek Group, 30 Aug. 2010.
http://irdelekgroup.com/phoenix.zhtml?c=160695&p=irol-newsArticle&ID=
1464492&highlight=.
[7] “Oil Shale Country Notes: Israel.” World Energy Council
for Sustainable Energy.
http://www.worldenergy.org/publications/survey_of_energy_resources_2007/
oil_shale/country_notes/2005.asp.
[8] “Oil and Gas Found at Gabriella, Yitzhak Licenses.” Globes
Israel Business News. 13 Mar. 2012.
http://www.globes.co.il/serveen/globes/docview.asp?did=1000732741.
[9] Meged Field Reserves Classification. Rep. Baker Hughes, Mar.
2011.
http://www.givot.co.il/english/data/images/Media/GIVT0001%20Final%20
Report%2Orev3.pdf.
[10] “Energy Ministry Approves Meged Field Development.”
Globes Israel Business News, 30 Jan. 2012.
http://www.globes.co.il/serveen/globes/docview.asp?did=1000720122.

In July 2008, Israel’s MEWR granted Israel Energy Initiatives
(IEI), a subsidiary of the publicly-traded U.S. company Genie Energy
Ltd, an exclusive license to explore for and produce shale oil in the
Shfela basin region of Israel. IEI estimates that there are 40 billion
barrels of oil equivalent in place within its 238 km2 license area. The
company plans to conduct a pilot test of its in-ground heating process
in 2013-2014. Also, in May 2011, the Russian energy company Inter RAO
announced that it had received a license to develop oil shale resources
in the Negev desert. There may be opportunities for U.S. companies to

[[Page 38585]]

provide goods and services related to shale oil development into the
nascent industry.
Many oil exploration licenses are set to expire in 2012 and 2013.
Exploration companies are limited to how many licenses they can hold in
Israel, and given the success of several exploration projects, there
are opportunities for U.S. companies to enter Israel’s oil exploration
market.

FOR FURTHER INFORMATION CONTACT: David McCormack, International Trade
Specialist, Phone: 202.482.2833, Email: david.mccormack@trade.gov.

Elnora Moye,
Trade Missions Assistant.
[FR Doc. 2012-15785 Filed 6-27-12; 8:45 am]
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