JTA NEWS
23 October 2019 - 25 Tishri 5780 - כ"ה תשרי ה' אלפים תש"פ
JTA NEWS :
India looking to bid for Israel oil-and-gas exploration E-mail

Indian state-run Oil and Natural Gas Corp plans to bid for Israeli offshore oil-and-gas exploration blocks, India’s oil minister told Reuters. It is the first significant major development between the two countries since a groundbreaking trip by India’s Prime Minister Narendra Modi visit to the country in July.

A high-ranking delegation from India, the world’s third-biggest oil consumer, recently visited Israel to discuss taking part in the tender for blocks in the Mediterranean Sea. “We will definitely bid for Israel’s oiland-gas blocks,” said Indian Oil Minister Dharmendra Pradhan. Many oil majors have been hesitant to enter the Israeli market, fearing a backlash from oil-rich Arab states hostile to the country.

Israel put 24 exploration blocks up for auction in November 2016, and the country’s energy minister, Yuval Steinitz, has said he would be happy to choose two or three foreign exploration groups. The auction closes on 15 November.

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