Population 8,294,579 Hebrew (official), Arabic, English GDP (USD billions) $299 IMPORTS FROM / EXPORTS TO UK
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2 MILLIONS About the country Population 8,294,579 Language Hebrew (official), Arabic, English GDP (USD billions) $299 Currency Shekel Interest rates 0.1% Inflation 0.1% Imports from the UK (2016) 1,097,019,735 Exports to the UK (2016) 1,036,444,753 Labour cost (Avg. salary ) $71,976 in the oil and gas exploration sector Freedom index 36 of 180 Doing business 52 of 190 Corruption (2016) 28 of 176 *As at March 2017 unless stated. Trade / business 2,500 IMPORTS FROM / EXPORTS TO UK 2,000 1,500 1, Imports Exports Business sectors Trade by sector [Top 10 imports from the UK in 2016] Two Digit economic classification Imports from UK ( 000 s) 87 - Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof 204, Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof 194, Pharmaceutical products 119, Electrical machinery and equipment and parts thereof; sound recorders and reproducers, 98, Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof 83, Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin 50, Plastics and plastic products 37, Beverages, spirits and vinegar 33, Miscellaneous chemical products 28, Aircraft, spacecraft, and parts thereof 26,552
3 How to communicate International business is conducted in English and internal business is conducted in Hebrew. Personal connections are important in Israel so make time to get to know people before conducting business. Meeting etiquette Business associates usually greet with a handshake. Expats should note that particularly religious associates do not shake hands with members of the opposite sex. Business culture in Israel is casual and informal. 1 Safety Most visits to Israel are trouble-free but theft of valuables is common. Passport fraud using British passports has been documented in Israel only give your passport to others if absolutely necessary. The FCO advise against travel to Gaza, the Sheba a Farms, Ghajjar and the east of Route 98 along the Syrian border. Take extra precautions if travelling to West Bank or Jerusalem. For the most up to date travel advice please visit: Visa requirements No visa is required to visit Israel as a tourist but if you intend to work, you will need a work visa and you may also require a work permit. It is for the Israeli authorities to determine the right of entry into Israel so you should contact the Israeli Embassy in London for information. Tax and Local Requirements General Tax Regime: Corporate entities in Israel are usually subject to income tax, corporate tax (reduced in 2016 to 25%), capital gains tax (25%), value added tax (17%) and windfall profits tax for oil and gas activities (0% %). Windfall Profits Tax: Israel base their production sharing contracts on the R-Factor. This is the ratio of cumulative receipts from the sale of petroleum to cumulative expenditures. This means that an R-Factor of less than one means that costs have not yet been fully recovered and total expenditure is larger than total receipts. As the project becomes more profitable the R-Factor will increase. The rate will be 0% if the project s R-factor is less than 1.5, going up to 20% when it reaches 1.5. The rate increases linearly up to a maximum of 44.52%. Value Added Tax (VAT): VAT is charged at a rate of 17%. Exports of goods and certain services are zero-rated and certain transactions are exempt. Capital Gains Tax: There are two components of capital gains tax: real and inflationary. Real capital gains is charged at a corporate income rate (25%) with an additional 2% applicable to those whose taxable income exceeds ILS 811, 560. Inflationary capital gains accrued on or after 1 January 1994 are exempt from tax and if gained prior to this date is taxable at a rate of 10%. Withholding Tax: Dividends paid to a non-resident shareholder are subject to withholding tax of 25% unless a lower rate is provided within the framework of a double tax treaty. A 30% withholding tax is applicable on dividends paid to individual shareholders holding 10% or more of the shares in an Israeli company. Double Tax Treaty: The tax treaty between Israel and the UK reduces the rate of withholding tax on dividends and interest to 15%. *Tax rates and accounting rules are subject to change so it is recommended that you seek professional advice before embarking on any activity that is likely to result in your incurring any liabilities in this regard. 1 Map provided by Vector Maps
4 Oil and Gas A data snapshot, 2016 (Offshore) Total Total as % Regional* Total as % Global* Rank Regional* Rank Global* Reserves (Mbble) 2 4, of of 50 Capex 2016 (US$m) of of 50 Operational Fields (#) of of 50 *Percentages and rankings are based on the countries within this series of reports and not of all countries. For a full list of the countries included within the series please see the Global report. Milestones in oil and gas sector 1950s Exploration drilling began 1999 First large natural gas reservoir discovered 2004 Commercial gas production began at Mari-B 2010 Leviathan field discovery 2016 Karish and Tanin acquisition by Energean Oil and Gas Map of production areas 2 P50 Reserves Reserves with a 50% and greater probability of being able to be produced. Figures are for reserves due onstream from 2016 onwards. 3 These are fields that are producing, shut-in or suspended. Shut in and suspended are included as they could potentially be brought back to production.
5 Examples of companies already operating in country Operators Fields / Activity US$m Capex ( ) Noble Noble Energy was the first operator to discover gas offshore Israel and since 1998 have discovered more than 40tcf of gas reserves in the Levant Basin. Some of Noble s discoveries include Leviathan, Tamar, Tanin, Karish and Dalit. In March 2017, Noble received approval from the Petroleum 7,061 Commissioner and the Ministry of Environmental Protection for the first stage of the Leviathan-7 project. Energean Energean completed its acquisition of the Karish and Tanin development leases, offshore Israel, in December Energean Israel has a 100% working interest in the fields which are estimated to have 2.4 tcf of natural 975 gas and 25 million barrels of light oil. Israel Electric Israel Electric Corporation (IEC) is the main supplier of electrical power in Israel. IEC builds, maintains and operates power generation stations, substations, 150 as well as the transmission and distribution networks. NGPC EAPC The Eilat-Ashkelon Pipeline Company (EAPC) manage the Eilat and Ashkelon terminals which receive oil from tankers calling at the ports or from the Ramat Yotam Tankfarm. 55 C Contractors Partner in country Activity DOF Subsea Noble Energy Mediterranean Ltd. (operator) DOF Subsea signed a contract with Noble Energy in 2009 to provide hydrographic, geophysical surveying and shallow geotechnical investigation at the Tamar and Dalit field. The contract was valued at Expro Noble Energy Mediterranean Ltd. (operator) around $5.5 million. Expro awarded a contract with Noble Energy in 2011 to provide specialist well testing and subsea services and equipment. This contract was worth $27 million and included a high flow rate well testing package and large bore subsea safety systems. Aker Solutions Aker Subsea Inc. Aker Solutions were given a 60 million contract from Noble in This involved providing and installing subsea umbilicals and subsea control equipment and supplying a complete mono ethylene glycol (MEG) reclamation unit. Alstom Various In 2011 Alstom supplied and constructed two 417 MW gas fired combined cycle units (EPC contract) for Dalia Power. In 2014 they provided PSP Investment Ltd with two 150 MW pump-turbines for 120 million. TechnipFMC Energean Oil & Gas In 2017 it was announced that TechnipFMC were awarded a Concept and Front End Engineering Design (FEED) contract by Energean Oil & Gas for the Karish and Tanin developments. DOF Subsea Role of Government/Regulator The Ministry of Energy and Water Resources is the regulator of petroleum licensing, permits and leases via the Petroleum Unit and the Petroleum Council. The Petroleum Unit acts in accordance with the Petroleum Law and is responsible for granting petroleum rights. The Petroleum Council are an appointed advisory council of up to nine members, five of whom are public representatives, who advise the Minister of Energy and Water Resources on the granting of permits and licenses. Licenses are granted for 3 years with possible extension up to seven years. Petroleum prospecting must begin within 4 months of ownership and drilling operations must begin within two years. The Natural Gas Authority at the Ministry of Energy and Water Resources operates under the provisions of the Natural Gas Sector Law, which regulates activity in Israel s natural gas sector. The Authority are responsible for various activities such as implementing Government policy, defining safety regulations, the publication of tenders, the preparation of licenses and supervision of licensees terms of service and tariffs.
6 What to consider before entering the market This element of your planning is vital and will vary depending on product, service, general business strategy and the country you are considering entering: Some things to consider: Is registration with an internal Government/Commission required? How do you register with an in-country oil firm to be one of their suppliers? Is pre-qualification required? If so, what is the process for this? Is it worth considering getting an in-country agent? What other options are available to you, for example: exporting, an in-country subsidiary, a joint venture partnership? It may also be worth registering with Achilles. The Achilles procurement portal is used across many countries and will help you be visible to the industry. By registering you are effectively ensuring you pre-qualify to be part of tender processes and this will help match you to potential buyers: For further information and to speak with a Scottish Development International (SDI) representative, please contact SDI via the contact details on the back of this guide. Major Fields Leviathan (gas) Discovered in 2010, the Leviathan gas field is estimated to contain 17tcf and an additional 600 million barrels of oil beneath the gas layer. Production is expected to commence in 2019, operated by Noble Energy who have a 39.66% share in the project. Other stakeholders include Delek Drilling (15%) and Avner Oil Exploration LP (22.67%) and Ratio Oil Exploration (15%). In 2017 it was announced that the Final Investment Decision had been made for the development of the field. Tamar (gas) The Tamar field was discovered in 2009 by Noble Energy who own 36% and operate the field, Isramco Negev 2 owns 28.75% and Delek Drilling and Avner Oil Exploration LP own 15.6% each, with the remaining 4% held by Dor Gas Exploration. Production began in 2013 and the subsea wells tied back to the Tamar platform have a flowing capability of 250MMcf per day. Reserves are estimated at 10tcf. Daniel (gas) Isramco Negev owns a 75% interest in the Daniel licenses, Modiin has a 15% stake and ATP Oil and Gas and AGR each hold a 5% share. The Daniel fields were discovered in January The Daniel East field is estimated to contain 1.1tcf of gas with a 38% - 43% probability of success and the Daniel West field may contain 7.8tcf with a success probability of 24% - 57%. Mari-B (gas) The Mari-B is estimated to contain 1.1tcf of gas with average daily production from six wells at 330MMcf and a production capacity of 600MMcf. Noble Energy is the operator with a % working interest, partners include Avner Oil Exploration LP (23%), Delek Drilling (25.5%) and Delek Investments and Properties Ltd (4.441%). Production began in Tanin (gas) Discovery of the Tanin field occurred in 2012 with estimates of 1.1tcf of gas reserves. Energean has a 100% working interest in the field following an acquisition of assets in L
7 Number of wells/platforms US$M US$M Activity and Opportunities (Offshore) Infrastructure (Units) (KM) Operational (2016) 3 Installations ( ) 1 1 fixed 0 floating (Units) Operational (2016) 909 Installations ( ) 1608 (KM) Operational (2016) 20 Installations ( ) 6 Tree awards (2016/2017) 2 Operational (2016) 359 Installations ( ) 128 Capex by Operator: Historic and Forecast $2,500 $2,000 $1,500 $1,000 $500 Total Capex: Historic and Forecast $3,000 $2,500 $2,000 $ $1,500 $1,000 Noble Energean Israel Electric $500 NGPC EAPC Excelerate $ Axis Title Decomissioning 5 Technical Notes: 4 Wet Trees Trees deployed subsea Dry Trees Wet Trees Fixed Platforms Dry Trees Trees deployed on platforms. Capex Forecasts Infield Systems Capex forecasts are based on bottom up forecasting and as such is a full opportunity set of projects that could see spending over the forecast period.
8 Opportunity Hotspots Scale Capability in country Growing / declining Target for Scottish companies Drilling & Wells HIGH MEDIUM Reservoirs LOW LOW Platforms & Topsides LOW LOW Marine, Subsea & Pipelines MEDIUM LOW Integral & Support Services LOW LOW Decommissioning LOW LOW Ease of accessing opportunities Highly ranked in doing business ranking, freedom index and corruption index. English is widely spoken in the business community so a translator is not required. There are no specific local content requirements within the oil and gas sector. DID YOU KNOW? Oil and gas is a new market within Israel. The country has had little success with oil discoveries with proven reserves of crude oil at around million barrels, whereas gas exploration has been more fruitful with proven reserves of over 199 billion cu m of natural gas. SE/SDI Contact enquiries@scotent.co.uk Telephone Nearest SDI office Scottish Development International 5 Atlantic Quay 150 Broomielaw Glasgow G2 8LU Local Embassy British Embassy 192 Hayarkon Street Tel Aviv Israel
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