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Publish Date : 09-Jan-2016

The Israeli Energy and Water Minister Yuval Steinitz has invited Chinese firms to bid for offshore oil and gas licenses when Israel will resume bidding later this year.

At a Beijing business conference on investment in Israel, Steinitz met with representatives from Sinopec Group, China Gezhouba Group and China Machinery Engineering Corp. to discuss potential offshore exploration.

Israel stopped offering offshore licenses in 2002 pending an amendment in legislation.

The process was restarted several years later but stopped again in 2010.

The ministry wants to resume exploration efforts, and the minister has held meetings in recent weeks with foreign exploration firms from the US and Europe in an attempt to draw interest in the bidding process slated for this summer.

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