- The Israel-UAE oil transport deal came to a standstill amid environmental concerns.
- The deal was challenged in the court, citing devastating environmental consequences to Eilat, a region of importance to the Israeli tourist industry.
- Various ASX-listed oil & gas space players have delivered monumental returns in the year-to-date period.
The Israeli Ministry of Environmental Protection recently decided to freeze the implementation of a proposed oil pipeline deal with the UAE amid environmental concerns.
The deal, involving MED-RED Land Bridge Company and Israel’s state-owned Europe Asia Pipeline Co., was aimed at bringing Emirati oil to a terminal in the Red Sea port of Eilat in Israel. From the port, this oil was planned to be transported via a pipeline to the Mediterranean port of Ashkelon and then finally to Europe.
Several environmentalists had raised concerns over the deal, owing to fears of ecological damages in Eilat, which is home to diverse marine life and coral reefs.
On that note, let’s skim through few ASX-listed oil stocks that have given a YTD return of more than 150%.
Brookside Energy Limited
Brookside Energy Limited (ASX:BRK) is an Australia-based oil & gas company, focused on generating shareholder value by advancing O&G plays in the Anadarko Basin of Oklahoma, United States.
Most of the activities within the basin are centred on the SCOOP (South Central Oklahoma Oil Province) and STACK (Sooner Trend Anadarko Canadian and Kingfisher) plays.
The main highlight for the company during June 2021 quarter was the much-anticipated drilling of the Jewell Well.
Red Sky Energy Limited
Red Sky Energy (ASX:ROG) is an oil & gas exploration and development company, backed by an experienced and professional team with strong track record of operational execution.
The company has various exploration projects in Australia and the US. ROG holds a decent cash reserve of AU$3.04 million as of 30 June 2021.
NuEnergy Gas Limited
NuEnergy Gas Limited (ASX:NGY) is an emerging gas and ancillary power generation development company, focused on developing its Indonesia-based gas assets. The company's strategy involves acquisition, exploration, appraisal, and development of coal bed methane acreage in Indonesia.
Last month, the company secured approval for its first plan of development for the Tanjung Enim Production Sharing Contract from the Indonesian Ministry of Energy and Mineral Resources.
Norwest Energy NL
Norwest Energy NL (ASX:NWE) is an oil & gas-focused exploration company with flagship assets in Western Australia's Perth Basin.
The company holds various exploration permits in the basin including EP368 & EP426 exploration permits (JV with Energy Resources Ltd), TP/15 exploration permit (JV with Triangle Xanadu and 3C Group), and EP413 Exploration Permit (JV with Bharat PetroResources and Mitsui & Co.).