Israel Must Improve 'Erratic and Unclear' Oil, Gas Regulations

As well as calling for a reduction in the time taken for regulators to make decisions about oil and gas projects, Dagan said that oil and gas firms looking to enter Israel must be prepared for "serious dialogue" with regulators about the views of the public and NGOs. "They are a very, very important actor and can significantly influencethe regulator's state of mind," she said.

Also speaking at UOG 2014 on regulatory matters was Gal Herschkovich, the former Director of Budgets at the Israeli Ministry of Finance However, Herschkovich insisted that today "there are not too many things that need to be done in order to finalize the whole regulation picture".
 
Herschkovich accepted that the government and regulators had been surprised after the discovery of large amounts of gas offshore Israel late in the last decade.
 
"We are not ashamed to say: 'OK. We made mistakes'," he said. "It took us time to learn from the mistakes but at the end of the day you need to regulate this market because you need a reasonable tax system. Nobody thought that there would be gas in Israel, so no taxation system on the gas sector existed."

 

 


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