In light of the great development in explorations for gas and oil in Israel in recent years, the Ministry of Energy and Water is working to increase and tighten regulation and enforcement in the area. The draft of the initial instructions out of a many overall instructions that will lead to increased regulation was published to receive the public’s approach by the Ministry of Energy and Water on October 29th, 2012.
According to the instructions, holders of permits to explore for gas and oil and possession holders will be obliged to submit performance guarantees to ensure their obedience to the law’s provisions, the title’s provisions, including the work plan, as well as fulfillment of the oil commissioner’s requirements.
The instructions determine that for new permits in the land, holders of permits to explore for gas and oil and possession holders will have to submit performance guarantees at a rate of 10% of the cost of the work plan. As for new permits in the sea, a performance guarantee at a rate of 5% of the work plan will be deposited. As for existing permits, a performance guarantee at a rate of 10% of the remainder of the future work plan will be given for land permits and 5% of the remainder of the cost of the future work plan for sea permits. As for current and future possessions, a specific requirement regarding the guarantee amount will be sent.
As said, these are the initial instructions out of the overall number, in the upcoming oil councils, instructions for damages guarantees and for insurance policies will be discussed. Our firm is closely following the developments in the area, and is at your service to provide assistance and additional explanations.
Our firm is closely following the developments in the area, and is at your service to provide assistance and additional explanations.
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