Upcoming Bid Round in the Levantine Basin:
A Review of Offshore Potential

The 21st century energy transition is escalating the demand for low carbon intensity, advantaged hydrocarbons as the world looks to bridge the energy gap during the shift toward low carbon energy sources. Gas contributes significantly reduced greenhouse gas emissions in relation to other fossil fuels, and biogenic gas typically contributes even less CO₂ due to its low liquid content.  As the European Union aims to reduce its reliance on Russian energy supplies, the region will look to alternative sources of natural gas.

The Eastern Mediterranean offers proven biogenic gas systems ripe for further exploration, that could help bridge this gap and meet the rising demand for gas in the region.

Upcoming Bid round in the Levantine Basin: A Review of Offshore Potential

The 21st century energy transition is escalating the demand for low carbon intensity, advantaged hydrocarbons as the world looks to bridge the energy gap during the shift toward low carbon energy sources. Gas contributes significantly reduced greenhouse gas emissions in relation to other fossil fuels, and biogenic gas typically contributes even less CO₂ due to its low liquid content. As the European Union aims to reduce its reliance on Russian energy supplies, the region will look to alternative sources of natural gas.

The Eastern Mediterranean offers proven biogenic gas systems ripe for further exploration, that could help bridge this gap and meet the rising demand for gas in the region.

Figure 1 - Block map showing OBR 4 blocks in the Levantine Basin, with existing explorations blocks, production leases and oil and gas fields

Israel’s Ministry of Energy has announced plans to launch a fourth offshore bidding round (OBR 4) for exploration licenses in the country’s exclusive economic zone (Figure 1).

This exploration opportunity offers companies new, lower cost portfolio options that are close to market, which could help replace growing supply shortages generated by sanctions against Russia.

By understanding the regional context of the new license blocks using Neftex^® Predictions, a DecisionSpace^® 365 solution, we can shed light on the potential plays that are likely to be the main targets for assessment in this area.

This article highlights:

• A brief exploration history of the Levantine Basin. 
• The likelihood of biogenic generation from the Early Miocene interval across the Eastern Mediterranean.
• The biogenic fairway screening of two proven fairways - Late Oligocene–Miocene clastic fairway and Pliocene clastic fairway - that represent the main targets for further exploration within the OBR 4 blocks.

Figure 1 - Block map showing OBR 4 blocks in the Levantine Basin, with existing explorations blocks, production leases and oil and gas fields.

Israel’s Ministry of Energy has announced plans to launch a fourth offshore bidding round (OBR 4) for exploration licenses in the country’s exclusive economic zone (Figure 1).

This exploration opportunity offers companies new, lower cost portfolio options that are close to market, which could help replace growing supply shortages generated by sanctions against Russia.

By understanding the regional context of the new license blocks using Neftex^® Predictions, a DecisionSpace^® 365 solution, we can shed light on the potential plays that are likely to be the main targets for assessment in this area.

This article highlights:

• A brief exploration history of the Levantine Basin.
• The likelihood of biogenic generation from the Early Miocene interval across the Eastern Mediterranean.
• The biogenic fairway screening of two proven fairways - Late Oligocene–Miocene clastic fairway and Pliocene clastic fairway - that represent the main targets for further exploration within the OBR 4 blocks.