Since the discovery of the Tamar natural gas field offshore Israel in 2009, there has been a significant increase in the number of transactions connected to the acquisition of interests in petroleum rights in Israel. The bulk of these acquisitions have been carried out not by acquiring new licences, but instead by farming into existing ones - whether directly by acquiring working interests in existing licences or indirectly by acquiring equity or other interests in the licence holders. Israel is a small country and therefore most of the relevant areas, especially offshore, have already been licensed out.
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