SOCAR among firms awarded gas exploration licenses in Israel


Israel announced on Sunday that 12 licenses have been awarded to six companies, including British multinational oil and gas firm BP plc, Italian energy giant Eni, and the State Oil Company of Azerbaijan Republic (SOCAR) to explore and discover additional natural gas fields off the country’s Mediterranean coast, Report informs via The Times of Israel.

The offshore tender marks the fourth bidding process for natural gas exploration in Israel’s economic waters, which the ministry said is directed to boost competition, ensure supply to the domestic market, expand state revenues, and encourage the signing of additional gas export agreements.

The winning companies in the fourth offshore bid round are divided into two consortia, which will explore two areas adjacent to Israel’s Leviathan field, one of the world’s largest deep-water gas discoveries. One group consists of Eni, Dana Petroleum, and Ratio Energies, and the other group comprises BP, the State Oil Company of the Azerbaijan Republic (SOCAR), and NewMed Energy.