UAE Oil and Gas Company in Israel
This article will provide information about oil rights for any UAE oil and gas company in Israel, particularly for those seeking to set up operations in Israel. All issues regarding oil and gas rights in Israel fall under the jurisdiction of the Israeli Ministry of Energy.
What a UAE Oil and Gas Company in Israel Needs to Know About Oil Rights
There are three different types of oil rights granted under Israeli law. These are the early permit, search license, and possession rights.
The early permit law allows a company to conduct preliminary surveys in order to ascertain the potential of finding oil in a certain area. This includes conducting surveys and exploratory drilling, among other early steps.
The search license is granted for three years (with possible extensions), covering an area of 400,000 dunams. There is a competitive procedure in place to ensure that companies or individuals who are granted this license have the financial ability and professional background to carry out the terms of the work plan. There are different procedures in place for onshore or offshore drilling.
If the company seeks possession of a certain area for oil and gas purposes (up to 250,000 dunams), they can apply to the Commissioner of Petroleum Affairs for the rights to produce oil and gas for 30 years, with a possible 20-year extension following this period. These possession rights are only granted when economic viability is assured.
Other Relevant Articles for UAE Companies in Israel
We have a number of articles relevant to United Arab Emirates companies seeking to do business in Israel. This includes how to register a business in Israel, obtaining a UAE investor visa or tourist visa to Israel, and more.
Our law offices specialize in immigration and corporate law, among other legal fields. We have assisted numerous clients with their visa and corporate needs. If you seek to establish a UAE oil and gas company in Israel or obtain oil rights in Israel, please contact Advocate Michael Decker, and he would be happy to assist you with this process.