Modiin Energy

Modiin Energy, formally Modiin Energy LP, is an Israeli oil-and-gas exploration partnership whose activities have centered on obtaining and evaluating petroleum licenses in Israel and in Israel's maritime exclusive economic zone. The partnership was established in 1992 through an agreement between Modiin Energy Management (1992) Ltd. and Modiin Energia Neemanut Ltd. It is organized as a limited partnership rather than as a conventional consumer-facing brand, and its principal business is participation in exploration licenses, seismic interpretation, drilling planning, and related upstream petroleum activities. The company became associated with Israel's offshore exploration cycle during the late 2000s and early 2010s, when new seismic surveys and discoveries in the eastern Mediterranean generated substantial interest in the country's prospective natural-gas resources. Modiin held interests in several offshore and onshore prospects. Its portfolio included the Gabriella license off Tel Aviv, the Sarah and Myra licenses off Hadera, the wholly held Yam Hadera license, and a minority interest in the Zurim license near the Dead Sea. These projects were exploration assets rather than established producing fields, and their reported resource figures were seismic or prospective estimates rather than booked production or proven commercial reserves. Gabriella, officially designated license 378, covered approximately 390 square kilometers about 10 to 15 kilometers offshore from Tel Aviv. Modiin held a 70% interest, with Adira Energy Israel Ltd. and Brownstone Energy Inc. holding the remaining interests. A three-dimensional seismic interpretation published in 2011 estimated substantial possible natural-gas and oil resources, and Modiin indicated that it expected to begin drilling by the end of 2012. Sarah and Myra, officially licenses 348 and 347, formed a larger offshore area of approximately 800 square kilometers around 70 kilometers from Hadera. Modiin's reported interest in the jointly held licenses was 19.282%. Their 2011 seismic interpretation also indicated significant prospective gas and oil resources, with drilling then anticipated for early 2012. The Yam Hadera license, officially designated 383, covered about 400 square kilometers roughly 30 kilometers offshore from Hadera and was described in the reference material as being held exclusively by Modiin. A three-dimensional survey released in 2011 produced a best estimate of prospective gas and oil volumes, and the company anticipated drilling during 2012. Onshore, Modiin held 15% of the Zurim license, with Zerah holding the balance. Following opposition from Israel's Nature and Parks Authority to new drilling at the site, the licensees sought permission to rework the existing Halamish-1 well. The Petroleum Commissioner rejected that proposal in September 2011. Modiin's profile is therefore that of a small, license-based exploration enterprise rather than an integrated energy major. Its value proposition has depended on access to prospective acreage, geological interpretation, farm-in or joint-venture arrangements, regulatory approvals, and the success of exploratory wells. The available reference does not establish commercial production, a refining or marketing business, a consumer product range, or a current operating status. It also does not provide a current executive roster, corporate website, ticker symbol, or updated portfolio. Modiin was reported as listed on the Tel Aviv Stock Exchange's TA MidCap 50 and TA Oil and Gas indexes at the time covered by the source.

Modiin Energy LP was established in 1992 under an agreement between Modiin Energy Management (1992) Ltd. and Modiin Energia Neemanut Ltd. The partnership structure allowed the business to hold and develop petroleum interests through a dedicated exploration vehicle. According to the cited reference, IDB Development Corporation, the private investment arm of IDB Holdings, controlled 16.94% of the partnership. The company later participated in Israel's offshore exploration expansion. During the early 2010s, it held rights in several licenses located in the Mediterranean Sea and in the country's southern onshore region. Its activity was focused on geological evaluation and preparation for exploration drilling rather than on established oil or gas production. Three-dimensional seismic surveys were used to estimate the possible scale of the resources beneath the license areas, while drilling programs remained subject to technical, financial, and regulatory conditions. The Gabriella prospect, license 378, was located approximately 10 to 15 kilometers from Tel Aviv and covered about 390 square kilometers. Modiin held 70%, alongside Adira Energy Israel Ltd. and Brownstone Energy Inc. A seismic interpretation released in September 2011 estimated 3.56 trillion cubic feet of natural gas and 277 million barrels of oil. Modiin stated that it intended to commence drilling by the end of 2012, although the available material does not document a completed commercial development. The Sarah and Myra prospects, licenses 348 and 347, were approximately 70 kilometers offshore from Hadera and together covered about 800 square kilometers. Eight companies jointly held the licenses, with Modiin's interest reported as 19.282%. A three-dimensional survey released in June 2011 estimated 6.5 trillion cubic feet of natural gas and 150 million barrels of oil. Drilling was anticipated for the first quarter of 2012 in the period described by the reference. Yam Hadera, license 383, covered approximately 400 square kilometers about 30 kilometers offshore from Hadera. It was described as being held exclusively by Modiin. A three-dimensional seismic survey published in December 2011 gave a best estimate of 1.4 trillion cubic feet of natural gas and 130 million barrels of oil. Modiin anticipated drilling by June 2012. The company also held a 15% interest in the Zurim license, license 327, southwest of the Dead Sea. Zerah held the remaining 85%. In August 2011, Israel's Nature and Parks Authority indicated that it would not authorize new wells at Zurim. The licensees consequently asked the Petroleum Commissioner to alter the work program to permit a workover of Halamish-1, an existing well abandoned in 1995. The commissioner rejected the proposal, and Modiin reported the decision to the Tel Aviv Stock Exchange on 25 September 2011. At the time represented by the cited Wikipedia material, Modiin was publicly traded on the Tel Aviv Stock Exchange and included in the TA MidCap 50 and TA Oil and Gas indexes. The available sources do not establish the company's later corporate history, current license portfolio, present management, production record, or whether the partnership remains active. Accordingly, its current status requires verification.

• 2011

  Offshore seismic evaluations published

  [1]Modiin Energyen.wikipedia.org

  Three-dimensional seismic interpretations were published for the Gabriella, Sarah and Myra, and Yam Hadera exploration areas, producing estimates of prospective oil and natural-gas resources.

• 2011

  Zurim workover proposal rejected

  [1]Modiin Energyen.wikipedia.org

  The Petroleum Commissioner rejected a proposal by the Zurim licensees to work over the abandoned Halamish-1 well after new drilling faced opposition from the Nature and Parks Authority.

• 1992

  Partnership established

  [1]Modiin Energyen.wikipedia.org

  Modiin Energy was established as a limited partnership through an agreement between Modiin Energy Management (1992) Ltd. and Modiin Energia Neemanut Ltd.

An Israeli upstream exploration partnership positioned around acquiring and evaluating petroleum rights, developing prospective oil-and-gas licenses, and partnering with other license holders on seismic and drilling programs.

• Offshore exploration license

  Gabriella license

  License 378 covered approximately 390 square kilometers 10 to 15 kilometers offshore from Tel Aviv. Modiin held a 70% interest, with Adira Energy Israel Ltd. and Brownstone Energy Inc. holding the remaining shares. A 2011 three-dimensional seismic interpretation estimated 3.56 trillion cubic feet of natural gas and 277 million barrels of oil. The figures represented prospective estimates, and the available material does not confirm commercial production.

• Offshore exploration licenses

  Sarah and Myra licenses

  Licenses 348 and 347 covered a combined area of approximately 800 square kilometers about 70 kilometers offshore from Hadera. Eight companies jointly held the area, with Modiin's interest reported at 19.282%. A 2011 three-dimensional seismic survey estimated 6.5 trillion cubic feet of natural gas and 150 million barrels of oil. Drilling was anticipated for early 2012 in the period described by the source.

• Offshore exploration license

  Yam Hadera license

  License 383 covered approximately 400 square kilometers around 30 kilometers offshore from Hadera and was described as being held exclusively by Modiin. A December 2011 seismic interpretation gave a best estimate of 1.4 trillion cubic feet of natural gas and 130 million barrels of oil. The company expected drilling during 2012, but the reference does not document a commercial discovery.

• Onshore exploration license

  Zurim license

  License 327 was located southwest of the Dead Sea. Zerah held 85% and Modiin held 15%. After new drilling was opposed by the Nature and Parks Authority, the licensees sought permission to rework the abandoned Halamish-1 well. The Petroleum Commissioner rejected that request in September 2011.

• 2011

  Proposed workover of Halamish-1Strategy

  Background

  The Zurim licensees faced opposition to drilling new wells from Israel's Nature and Parks Authority and sought an alternative way to continue exploration at the site.

  Action taken

  Zerah and Modiin asked the Petroleum Commissioner to modify the license terms so that the abandoned Halamish-1 well, which had been abandoned in 1995, could be worked over.

  Aftermath

  The Petroleum Commissioner rejected the proposal. Modiin reported the decision to the Tel Aviv Stock Exchange on 25 September 2011.

  Source

1. 1Modiin Energyen.wikipedia.org