We estimate that most of gas is still yet to be found

Caspian Energy (CE): Mr. Steinitz, one of the functions of the Supreme Court of Israel is to revise its own decisions in a broader composition of the jury. How necessary is it now to reexamine the decision to ban gas developments at the Leviathan field? How feasible do you consider a possibility of its cancellation as United States Secretary of Energy Mr. Moniz recently stated in his interview?

Dr. Yuval Steinitz, Minister of National Infrastructures, Energy and Water Resources of Israel: I completely disagree with our Supreme Court’s decision to make some changes in the 10-year stability commitment. In fact, the Supreme Court did approve 90% of the gas policy of the gas framework, but rejected only the stability clause. And I must tell you that although we have to respect this decision, I think it is completely wrong and full of contradictions. So, we will look for ways to disavow it. I am not enthusiastic to ask for another discussion in the Supreme Court with a broader panel of judges, because I think it will take too long. I have to fix it and move forward in few weeks, maximum in a two-month time, and if I appeal for another discussion in the Supreme Court, the whole process might take half a year or even more. So my intension now is to find a solution that will make us able to move forward, with some kind of the regulatory confidence that will be achieved. 

Despite the delay in Leviathan’s development, the Leviathan Development Program has been already approved in the National Construction Committee, and we have already given the initial approval to the program. We do understand that time is ticking away, so we have to move forward. And of course in addition to Leviathan, we estimate that most of gas is still yet to be found. To this end, we hope to attract more and more international oil and gas majors with the extensive experience in offshore operations. In turn, Israel is ready to open its economic zone off the shelf of the Mediterranean Sea for exploration and subsequent development of fields.