The Petroleum Council convened yesterday (December 28, 2011) to discuss applications brought before it on various subjects. The following are its recommendations:
1. Globe Exploration Limited Partnership – application to transfer rights in License 386/ “Yahel”.
The Council received an update on the subject, but did not discuss it because the company does not meet the conditions for the transfer of rights.
2. IPC Oil and Gas Limited Partnership – application to transfer rights in licenses 347/"Mira" and 348/"Sarah".
The Council received an update on the subject, but did not discuss it because the company does not meet the conditions for the transfer of rights. The company requested the approval in accordance with the provision dealing with the approval of the transfer of rights under special circumstances, but no special circumstances were found justifying an exemption from compliance with the directives of the Petroleum Commissioner.
3. Alon Natural Gas Exploration Ltd. – application to register a lien on leases I/8 "Med Yavne", I/12 "Tamar" and I/13 "Dalit".
The Council received an update on the subject. Clarifications conveyed by the company will be examined. To the extent necessary, the subject will be discussed at the next Council meeting.
4. Israel Opportunity Ltd. – application to record an overriding royalty interest on licenses 370/"Yishai", 371/" Aditya", 372"Lela, 373/"Yahav", 374/"Yoad" and 375/"Aila"
The Council will discuss the issue after completion of approvals concerning the signatories authorized to submit the application.
5. Modiin Energy-Limited Partnership – application to record an overriding royalty interest on licenses 347/"Mira", 348/"Sarah", 383/"Yam Hadera", 378/"Gabriela" and 327/"Zurim"
The Council recommends approving the recording of overriding royalty interests as requested, and specifies that the approval is for the following licenses: Mira/347, Sara/348, Yam Hadera/383 and Gabriella/378. The overriding royalty interest on the Zurim/327 license will not be recorded unless the validity of the license, which expires on December 31, 2011, is extended.
6. Petroleum Regulations – Enactment of "Transfer of Rights" regulations
After several amendments were made to the Petroleum Regulations following discussion of the subject at the previous Council meeting, the revised text of the Petroleum Regulations was presented. The Council approved mandatory consultation in accordance with the Petroleum Law, and recommends pressing ahead with the enactment of the Petroleum Regulations (Transfer of Rights). The Council adds that in the event of material changes to the regulations, they shall be returned to the Council for discussion.
7. Ratio Oil Exploration - Limited Partnership: application for new licenses "Roy" and "Neta" (based on the pre-emptive right from preliminary permit 202/"Gal").
The Council received an update on the subject, but did not discuss it because of explanations that the company has been requested to give to the Director General of the Antitrust Authority.
The Council is expected to convene nine times in the course of the year 2012. The dates will be published at a later time.