Introduction

Historically the Levant Basin, a deep marine basin in the east Mediterranean between Cyprus,

Israel, Lebanon and the Palestinian Territories, has not been considered a promising region for

hydrocarbons. However, as a result of huge gas discoveries offshore Israel and Cyprus, the region

is now perceived as a promising new frontier for natural gas.

Israel :

Bakcground :

The largest are the Leviathan field containing 453 billion cubic meteres (BCM) of natural gas and the

Tamar field with an estimated 247BCM. The Tamar field alone has a quantity of gas equivalent to Israel’s total energy consumption for 10 years.

These discoveries led to the Government of Israel

undertaking a review of its hydrocarbons laws and subsequently making changes to enhance the

legal regime in Israel relating to exploration and production, marketing and distribution of oil and

gas and taxation of hydrocarbons.........continue reading