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Israel to tighten rules on oil, gas

  |   June 1, 2011 at 8:12 AM
JERUSALEM, June 1 (UPI) -- New guidelines in Israel could deter the acquisition of oil and gas licenses for the purpose of making a quick profit, an infrastructure ministry official said.

Guidelines under consideration by the Israeli government aim to prevent quick trading in oil and gas licenses, sources in the infrastructure minister told the Platts news service.

Ownership under current laws can be transferred within six months.

Israeli officials last week suggested the country was working to prevent the development of energy monopolies.

Major natural gas discoveries at the Tamar and Leviathan offshore fields have redefined the Israeli energy sector. Israel gets some of its electricity from gas supplied through Egyptian pipelines, which have been the target of recent sabotage.

Officials in April said the country must find ways to become self-sufficient in energy. Noble Energy and the Delek Group are the only gas suppliers to Israel.

The new rules are expected to enter into force at the end of the month.

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