ECONOMY

Israel grants oil and gas exploration licence to Greece’s Energean

israel-grants-oil-and-gas-exploration-licence-to-greece-amp-8217-s-energean

Israel’s Energy Ministry on Tuesday gave final approval to Greece’s Energean to explore for oil and gas in Israeli waters in the eastern Mediterranean.

Energean was granted three-year licenses to explore five offshore blocks, with a possibility for an extension for another three years as long as it carries out work and promises to drill.

It was required to prove it had assets of at least $400 million and $100 million in shareholders’ equity as a condition for the licenses, to ensure it would search for oil and gas. [Reuters]