Israel’s Energy Minister, Yuval Steinitz has said that Brazillian state-run oil firm, Petrobras will participate in the country’s latest tender for offshore oil and gas exploration. The agreement was made known during Brazillian President, Jair Bolsonaro’s four-day visit to Israel.
The minister said “It was agreed that Petrobras, which is among the biggest energy companies in the world will take part in the process of oil and gas exploration in Israel”.
According to Reuters, a number of large gas discoveries offshore Israel and in nearby eastern Mediterranean waters in the last decade have made Israel a potentially lucrative prospect for big energy firms.
Apparently, Israel is tendering 19 new offshore blocks to oil and gas companies. A previous auction elicited bids from only two groups of companies, and the Energy Ministry said it expects more companies to compete this time as conditions have improved.
Meanwhile, Exxon Mobil Corp in a major policy shift is also considering bidding in the auction.