Reuters: Israel Eyes More Offshore Gas Exploration Wthin 6 Months

Israeli Energy Minister Yuval Steinitz said he expects offshore natural gas exploration to accelerate in the next few months, with investment from some of the world's largest oil and gas companies.

Steinitz said he recently met officials from ENI and 20-30 other energy firms, such as Shell, Hess , Exxon Mobile and EOG, in a bid to entice them to invest in Israeli fields off its Mediterranean coast.

Under a framework agreement approved in August by lawmakers, a group led by Houston-based Noble Energy and Israeli conglomerate Delek Group will be allowed to keep control of the yet to be developed Leviathan field.

Delek will have to sell its stake in another field, Tamar, and Noble will be required to cut its stake in the field to 25 percent from 36 percent. They will also have to sell their holdings in two smaller sites, Tanin and Karish.

"My intent is to reopen Israel's economic waters for exploration," Steinitz told a foreign press event on Tuesday. MORE