Israel grants oil and gas exploration licence to Greece’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]