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.
In 2012, the Federal Supreme Court of Switzerland ruled that banks must reimburse their clients – among them many Israelis – who were billed […]
Force Majeure is a common clause in a contract. Many agreements include a Force Majeure clause which can, in some specific cases, cancel or […]
Virtual Currency Exchanges allows the trading and exchange of cryptocurrency (virtual currencies or utility tokens) for other cryptocurrencies or for fiat currency. Nevertheless, this […]
It is common knowledge that, as a part of the division of land estates, there are opportunities to plan taxation correctly. This is sometimes […]
“Even clients of the Swiss bank Credit Suisse received a preferred list of lawyers and accountants to perform ” voluntary disclosure ” procedures – […]
Facebook Twitter
On September the 7th, 2014, the Israeli Tax Authorities published a new Temporary Order for Voluntary Disclosure Requests authorized by the new Voluntary Disclosure […]
A. GENERAL The Tax Authorities are interested in encouraging tax-payers, dealers, individuals and functionaries in enterprises of whom violated the tax laws, to correct […]
As you know, after introducing of amendment #168 of 01.01.2007 into Israeli law on income taxation, the new immigrants and citizens who have returned […]
