Offshore Gas in East Mediterranean: from Myth to Reality
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Future Notes
No. 3, November 2016 FUTURE NOTES ENERGY RELATIONS BETWEEN TURKEY AND ISRAEL Aybars Görgülü and Sabiha Senyücel Gündoğar This project has received funding from the European Union’s Horizon 2020 Research and Innovation programme under grant agreement No 693244 Middle East and North Africa Regional Architecture: Mapping Geopolitical Shifts, regional Order and Domestic Transformations FUTURE NOTES No. 3, November2016 ENERGY RELATIONS BETWEEN TURKEY AND ISRAEL Aybars Görgülü and Sabiha Senyücel Gündoğar1 After six years of détente, on June 2016 Israel and Turkey finally reached a deal to normalize diplomatic relations and signed a reconciliation agreement. Israel-Turkey relations had already been broken after Israel’s offensive in Gaza between December 2008 and January 2009. Turkey voiced strong disapproval of this attack, which killed more than a thousand civilians. When, at the 2009 Davos Summit, Turkey’s then Prime Minister Recep Tayyip Erdoğan and Israeli President Simon Peres sat on the same panel, Erdoğan criticized Peres severely for his country’s offensive in Gaza, accusing Israel of conducting “state terrorism” and walked out of the panel. But diplomatic relations were still in place between the two countries until the Mavi Marmara flotilla crisis of May 2010. The Mavi Marmara was a humanitarian aid vessel that aimed to break the sea blockade on Gaza. While it held both Turkish and non-Turkish activists, the initiative was organized by a Turkish humanitarian aid organization (İHH, İnsani Yardım Vakfı) and the vessel carried the Turkish flag. Israel did not allow the vessel to reach Gaza’s port and İHH refused to dock in the Ashdod port, consequently, the Israel Defence Forces (IDF) raided the flotilla, killing nine people of Turkish origin and one American Turkish citizen. -
Development of the Middle East Gas: Opportunities & Challenges
The greater strategic and economic significance that the eastern Mediterranean has gained is not linked to the discovery of vast natural gas reserves in its developing countries, nor to its proximity to resource-poor European countries, it is rather correlated with the fact that its countries whose borders were drawn in the aftermath of World War I continue to bear the brunt of border conflicts, pursue of primacy and influence peddling Development of the Middle East Gas: Opportunities & Challenges By Brigadier General Khaled Hamadeh Director of the Regional Forum for Consultancy and Studies Table of Contents 1. Introduction ........................................................................................................................................................ 2 2. Discovered Gas Fields & Competing Oil Companies ................................................................................... 3 3. Oil Companies .................................................................................................................................................... 5 4. Signed Agreements ............................................................................................................................................ 5 5. Geopolitical Risks .............................................................................................................................................. 8 5.1 Turkey – Reactions to Retain Role ...................................................................................................... -
Annexing Energy
AL-HAQ Annexing Energy Exploiting and Preventing the Development Of Oil and Gas in the Occupied Palestinian Territory AL-HAQ August 2015 AL-Haq - 54 Main Street 2nd & 3rd Fl. - Opp. Latin Patriarchate Saint Andrew’s Evangelical Church - (Protestant Hall) ACKNOWLEDGMENTS P.O.Box: 1413 - Ramallah - West Bank - Palestine Tel: + 972 (0) 2 2954646/7/9 Fax: + 972 (0) 2 2954903 www.alhaq.org The author would like to thank: Wesam Ahmad, Nada Kiswanson van Hooydonk, Marya Farah, Amanda Elfstrom, Patrick Burke BL, Mariamalia Rodríguez, Shawan Jabarin, Hamza Dado, Maha Abdallah, Authors Dr. Susan Power Mona Sabella, Rula Majrouh, Valentina Azarov, Rachel Borrell, Elisabeth Koek, Eilís Ní Chaithnía, Veerle Shouten, ISBN 978-9950-327-48-1 Auke Wibaut, John Veron, Ingvild Skogvold, Cover Photo By IDF Spokesperson Unit (Israel Defense Forces) [CC BY-SA 3.0 United Nations Conference on Trade and Development team: (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons Randa Jamal, Mahmoud Elkhafif and Mutasim Elagraa. Publisher Al-Haq - © All Rights Reserved and all the Al-Haq team Without their assistance and support this report would not be possible. Any quotation of up to 500 words may be used without permission provided that full attribution is given. Longer quotations or entire chapters or sections of this study may not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored on any retrieval system of any nature, without the express written permission of Al-Haq. AL-HAQ August 2015 Dedicated to the Memory of Yousra Mahmoud Husdein TABLE OF CONTENTS TABLE OF CONTENTS Glossary ...................................................................................................................................................... -
Gaza Marine: Natural Gas Extraction in Tumultuous Times?
POLICY PAPER Number 36 February 2015 Gaza Marine: Natural Gas Extraction in Tumultuous Times? TIM BOERSMA NATAN SACHS Brookings recognizes that the value it provides to any supporter is in its abso- lute commitment to quality, independence, and impact. Activities supported by its donors reflect this commitment, and the analysis and recommenda- tions of the Institution’s scholars are not determined by any donation. Acknowledgements This report, and the larger project of which it is a Chair, Tzemach Committee; and Harry-Zachary part, benefited greatly from the insight and assis- Tzimitras, Director, PRIO Cyprus Centre. tance of a large number of people. We are also very grateful to Ariel Ezrahi, for his For generosity with their time and insights we are comments on earlier drafts of this paper, to Ibra- grateful to: Yossi Abu, CEO Delek Drilling; Eng. heem Egbaria, Ilan Suliman and Firash Qawasmi, Fuad Amleh, Chief Executive Officer, Palestine who helped facilitate our visit to the (East) Jeru- Electricity Transmission, Ltd.; Constantine Blyuz, salem District Electricity Company and to Ohad Deputy Director for Economic & Strategic Issues, Reifen who helped facilitate interviews in Israel. Israeli Ministry of National Infrastructures, Ener- gy and Water Resources; Yael Cohen Paran, CEO, We would also like to thank our Brookings col- Israel Energy Forum; Ariel Ezrahi, Infrastructure leagues: Martin Indyk and Ted Piccone for sup- (Energy) Adviser, Office of the Quartet Represen- porting our work through the Foreign Policy Pro- tative, Mr. Tony Blair; Michalis Firillas, Deputy gram’s Director’s Strategic Initiative Fund; Charles Head of Mission, Consul, Embassy of the Republic Ebinger, for his sage feedback on drafts and, along of Cyprus in Israel; Nurit Gal, Director, Regulation with Tamara Wittes, for guiding us and provid- and Electricity Division, Public Utilities Authori- ing wonderful places within Brookings in which ty of Israel; Dr. -
Israel Debates No. 17
Israel Debates No. 17 13 March 2016 The Israeli Gas Bonanza – Money, Interests, Democracy? Dear readers, In the past two decades, several gas fields have been discovered off the shore of Israel, including the most recent finds of the large Tamar and Leviathan reservoirs. With their estimated reserves of ca. 750 billion cubic meters of natural gas, those finds are not comparable to the large reserves of the major hydrocarbon producing countries in the region. However, by virtue of Israel’s isolated geopolitical situation and the accompanying difficulties for energy supply, the discoveries are nevertheless of high significance for Israel’s energy security. Hence, questions regarding the development of the natural gas fields as well as gas market regulations spurred wide public debate. While implications for the biosphere as well as questions related to on-land distribution remain largely undiscussed, the main debate arises around the political decision-making process, distribution of revenues, and concessions for gas exports. The controversy has not only involved huge demonstrations, but has now also been taken to the Supreme Court, where Prime Minister Benjamin Netanyahu himself was heard in February. For this issue of Israel Debates, we asked two authors to discuss this controversial issue in order to shed light onto the considerations involved and the interests at stake. Amiram Barkat, senior financial reporter with the Israeli business daily Globes, believes that the gas yields high importance for energy security and foreign relations and thus requires a consistent regulation. This is why he considers the current dispute to be jeopardizing the trust of the companies that have already invested extensively into the off-shore gas explorations. -
Energy Security in the Eastern Mediterranean
Prontera / Ruszel: Energy Security in the Eastern Mediterranean Energy Security in the Eastern Mediterranean Andrea Prontera and Mariusz Ruszel Dr. Prontera is assistant professor of international relations in the Department of Political Science, Communication and International Relations, University of Macerata, Italy. His latest book is The New Politics of Energy Security in the European Union and Beyond: States, Markets, Institutions (Routledge, 2017). Dr. Ruszel is assistant professor in the Department of Economics, Rzeszow University of Technology, Poland. he geopolitical significance of the means considering energy trade as a tool Mediterranean Sea region is the for achieving foreign-policy and security result of three factors: its location objectives.3 However, the geopolitics of at the junction of Europe, Asia natural gas is particularly complex. In Tand Africa; its significant international sea contrast to oil, natural gas has physical routes and straits — Gibraltar, Bosphorus, characteristics that make transportation Dardanelles, Suez Canal — and its poten- expensive, whether through pipeline or in tial as a source of oil and natural gas. Re- liquefied form (LNG). This constitutes a cent gas discoveries in the Eastern Medi- significant fraction of the total delivered terranean have only reaffirmed this poten- cost of the gas trade and is an important tial. They have resulted in a set of signifi- component of the sector’s political econ- cant geoeconomic decisions concerning omy.4 Normally, the infrastructure for gas the development of flows and exchanges transportation requires huge investments, a in the form of traded gas. It is emphasized long-term perspective and political stabil- in the literature that the geoeconomy may ity. -
Israel's Energy Potential
MEI Policy Focus 2016-20 Israel’s Energy Potential: Securing the Future Michael Hochberg Middle East Institute Policy Focus Series August 2016 Having finally cleared the major regulatory hurdles, once-energy-poor Israel is closer than ever to developing and exploiting its vast natural gas reserves. With natural gas projected to provide 68 percent of Israel’s electricity generation by 2040, Israel could fortify its domestic economy, enhance its national security, and transform the energy order and economic ties of the Eastern Mediterranean and beyond. Israel is also poised to become a key energy exporter to its neighbors. However, if Israel seeks the large windfall gains that gas exports would bring, it must overcome geopolitics and maximize the potential for mutual gain in an increasingly convoluted web of regional relationships. Key Points ♦ From 2004 to 2010, natural gas use as a fuel source in the country grew from almost non-existent to 40 percent of electricity generation ♦ Israel is projected to earn $20 billion from gas royalties and taxes by 2026, according to Noble Energy ♦ Israeli civil society lobbying for tighter gas sector regulations has resulted in significant changes to ensure that more revenue goes to the state, and that the nation’s natural gas sector enjoys more competition ♦ Jordan, Egypt, and Turkey are the most probable candidates to receive Israel’s first gas exports, but anti-Israel public sentiment will be a major obstacle for future energy deals ♦ The speed of verdict in resolving the stability clause issue, one of Israel’s most consequential regulatory challenges of the last decade, represents a major win for Israel in terms of boosting investor confidence and paving the way for future gas exploration off Israel’s shores Michael Hochberg Michael Hochberg is Introduction an analyst in the Global Energy & Utilities ith the recent approval of Israel’s practice of PA Consulting natural gas regulatory framework, Group, a London-based W management consulting the once-energy-poor state is now one step firm. -
Financial Statements Unaudited As of September 30, 2017
Delek Group | FINANCIAL STATEMENTS STATEMENTS | FINANCIAL UNAUDITED AS OF SEPTEMBER 30, 2017 UNAUDITED FINANCIAL STATEMENTS AnnualUNAUDITED Report 2013 AS OF SEPTEMBER 30, 2017 Annual Report 2013 Official Sponsor of the Israeli Delegation to the Olympic Games, Rio 2016 Delek Group Ltd 19 Abba Eban Blvd, P.O. Box 2054, Herzliya 4612001, Israel Tel: 972 9 8638444, Fax: 972 9 8854955 www.delek-group.com WorldReginfo - c16fd361-de53-4169-8c2c-61d95bc8d7cf Official Sponsor of the Israeli Delegation to the Olympic Games, Rio 2016 IMPORTANT This document is an unofficial translation for convenience only of the Hebrew original of September 30, 2017 financial report of Delek Group Ltd. that was submitted to the Tel-Aviv Stock Exchange and the Israeli Securities Authority on November 29, 2017. The Hebrew version submitted to the TASE and the Israeli Securities Authority shall be the sole binding legal version. WorldReginfo - c16fd361-de53-4169-8c2c-61d95bc8d7cf FINANCIAL STATEMENTS UNAUDITED AS OF SEPTEMBER 30, 2017 Table of Contents Chapter A | Corporate Description Chapter B | Board of Directors Report on the State of the Company’s Affairs Chapter C | Financial Statements Chapter D | Report on the Effectiveness of Internal Controls for Financial Reporting and Disclosure WorldReginfo - c16fd361-de53-4169-8c2c-61d95bc8d7cf Chapter A Corporate Description WorldReginfo - c16fd361-de53-4169-8c2c-61d95bc8d7cf Update of Chapter A (Description of the Company’s Business) to the Board of Directors’ Report of the Delek Group Ltd. (“The Company”) for 20161 Part One – Description of the General Development of the Company's Business: Referring to Section 1.3 of the Periodic Report - Investments in Company Equity Subsequent to the financial position statement date, on October 24, 2017, the Company's Board of Directors decided to buy back up to NIS 100 million in Company shares in the period up to December 31, 2017. -
Tamar Petroleum Ltd
Tamar Petroleum Ltd. Annual Report 2018 Table of Contents Chapter A Description of the Company's Business Chapter B Board of Directors Report for the year ended December 31, 2018 Chapter C Financial Statements as of December 31, 2018 Chapter D Additional Details regarding the Company Chapter E Annual Report on Effectiveness of Internal Control over Financial Reporting and Disclosure Tamar Petroleum Ltd. Chapter A Description of the Company's Business A-1 This report is a translation of Tamar Petroleum Ltd.'s Hebrew-language Description of the Company's Business, and is prepared solely for convenience purposes. Please note that the Hebrew version constitutes the binding version, and in the event of any discrepancy, the Hebrew version shall prevail. Chapter A – Description of the Company's Business 1. Description of the General Development of the Company’s Business1 1.1 Tamar Petroleum Ltd. (the "Company") was incorporated on November 4, 2015 as a private company limited by shares under the Companies Law, 5759-1999 (the "Companies Law"). The Company’s name was changed to its current name on May 21, 2017. 1.2 Pursuant to Israeli Government Resolution No. 476 from August 16, 2015 (which was readopted by the Government with certain changes on May 22, 2016) regarding "a framework for the increase of the natural gas quantity produced from the ‘Tamar’ natural gas field and the rapid development of the natural gas fields ‘Leviathan’, ‘Karish’ and ‘Tanin’ and other natural gas fields" (the "Framework" or the "Gas Framework"), the Company entered -
The Future of Israeli-Turkish Relations
The Future of Israeli- Turkish Relations Shira Efron C O R P O R A T I O N For more information on this publication, visit www.rand.org/t/RR2445 Library of Congress Control Number: 2018947061 ISBN: 978-1-9774-0086-4 Published by the RAND Corporation, Santa Monica, Calif. © Copyright 2018 RAND Corporation R® is a registered trademark. Cover: cil86/stock.adobe.com Limited Print and Electronic Distribution Rights This document and trademark(s) contained herein are protected by law. This representation of RAND intellectual property is provided for noncommercial use only. Unauthorized posting of this publication online is prohibited. Permission is given to duplicate this document for personal use only, as long as it is unaltered and complete. Permission is required from RAND to reproduce, or reuse in another form, any of its research documents for commercial use. For information on reprint and linking permissions, please visit www.rand.org/pubs/permissions. The RAND Corporation is a research organization that develops solutions to public policy challenges to help make communities throughout the world safer and more secure, healthier and more prosperous. RAND is nonprofit, nonpartisan, and committed to the public interest. RAND’s publications do not necessarily reflect the opinions of its research clients and sponsors. Support RAND Make a tax-deductible charitable contribution at www.rand.org/giving/contribute www.rand.org Preface Since their inception, Israel-Turkey relations have been characterized by ups and downs; they have been particularly sensitive to developments related to the Arab-Israeli conflict. Throughout the countries’ seven-decade history of bilateral ties, Turkey has downgraded its diplomatic relations with Israel three times, most recently in 2011. -
Turkey and Mediterranean Gas: A
BACKGROUND INFO Konrad-Adenauer-Stiftung e.V. EUCERS/KAS ENERGY TALKS BACKGROUND INFORMATION JAN-JUSTUS ANDREAS EUCERS ENERGY TALKS: www.kas.de/london Turkey and Mediterranean Gas: A New European Gas Corridor? Background information made available by our KAS/EUCERS Energy Security Fellow Jan-Justus Andreas. For the first session of the series of five In May 2012, the Israeli Ministry of Energy roundtable discussions with the overall and Water Resources estimated the nation’s theme of "Changing Political and Eco- offshore natural gas reserves at 49.4 tcf nomic Dynamics of Global Energy Flows" (1400 billion cubic meters).2 From the two co-hosted by the Institute for Strategic largest gas plays, the Tamar gas field com- Dialogue (ISD) and the Konrad Adenauer menced first productions in March last year, Foundation (KAS) in London, the Euro- and the Leviathan gas field expects to pean Centre for Energy and Resource Se- commence production within the next curity (EUCERS) will discuss the topic of years.3 Together, the two plays constitute “Turkey and Mediterranean Gas: What around 28tcf. Moving beyond the mere eco- does it mean for Europe and the world?”. nomics, they may also implicate decisive shifts in Israel’s foreign relations, i.e. to- With the approval of the “Trans Adriatic Pi- wards Cyprus, Turkey and Greece. peline” by the Shah-Deniz Consortium last year, Turkey will officially play an essential Other gas fields, such as the Gaza Marine, role in opening up a “Southern Gas Corri- which contains about 1tcf of recoverable dor” for Europe. Its strategic geographic gas, may also have decisive political impli- position, also in light of the significant new cations. -
Field of Dreams: Israel's Natural
Field of dreams: Israel’s natural gas The Sedco Express drilling rig above the Tamar gas field in the Mediterranean © Lihee Avidan AUGUST 31, 2012 by: Tobias Buck The black and yellow helicopter heads north from Tel Aviv, passing over empty beaches, a yacht harbour and a string of sprawling seafront residences that house some of Israel’s wealthiest families. After a few minutes the pilot makes a sharp turn to the left and steers his ageing Bell 412 towards the open sea. For more than half an hour, all there is to see is the blue waters of the Mediterranean. Then suddenly a hulking mass of brightly painted steel rises from the midday haze. Towering more than 100m above the water, this is the Sedco Express, a drilling rig that has been operating in this stretch of ocean for almost three years. As the helicopter touches down on the landing pad, we see a small blue and white Star of David flag fluttering in the wind. It is the only sign that the Sedco Express sits atop one of the greatest treasures that Israel has ever found. Far below, connected to the rig by a slender steel pipe that runs through 1,700m of ocean and another 4,500m of rock and sand, lies a vast reservoir of natural gas known as the Tamar field. The men on board the Sedco Express are busy testing the field’s multiple wells in preparation for the longawaited day next April, when a US•Israeli consortium will start pumping the gas onshore.