Israel’s Minister of National Infrastructures, Energy and Water Resources Yuval Steinitz announced the first bid round that includes 24 areas for searching oil and natural gas in the economic water of Israel.

The opening of the sea, which was closed for distribution of new licenses in the past 4 years, is expected to lead to a significant increase in the extent of oil and natural gas production of Israel. “The opening of the sea for natural gas and oil searches is the best investment for Israel and its future,” he told reporters at a press conference on Tuesday.

Last week Steinitz with Energy and Water Resources director general Shaul Meridor together with professionals from the Ministry of National Infrastructures, hold the first intergovernmental meeting with Turkish counterparts for pipeline project following the reconciliation between the two countries.

Steinitz and the Turkish Minister of Energy and Natural Resources Berat Albayrak held talks on a framework agreement between the two countries calling for a pipeline to be laid by April 2017, but it is believed that the completion date of the agreement is likely to be deferred.

On Tuesday, the Israeli Minister was very optimistic about reaching an agreement with Turkey. The idea is to create a pipeline to Turkey and from there to Europe.

Steinitz also said that there are already contacts with the EU Directorate-General for Energy , for the creation of the pipeline.

"It can go through Turkey, and then Cyprus, Crete and Italy, or a direct pipeline that will cross the Mediterranean Sea straight to Italy. One year ago we met with EU representatives and we decided to check the costs of such a long pipeline. Experts said the cost would be $6 milliard, which is a sum governments can deal with".

Israel and Jordan has already signed an agreement and Steinitz said there were talks with Egypt on the export of gas from Israel to that country.