Azerbaijan to engage in gas exploration in Israel

Azerbaijan’s state oil company SOCAR, in collaboration with a consortium that includes BP and NewMed, has been awarded a gas exploration license at the Leviathan gas field in Israel, the Israeli Ministry of Energy reported.

The ministry disclosed that a total of 12 licenses were issued to six companies for the exploration of natural gas reserves along the Mediterranean coast of Israel, a move aimed at fostering increased competition and diversifying gas suppliers.

Israeli Energy Minister Israel Katz said the winning companies have pledged significant investments in natural gas exploration over the next three years, with the hope of uncovering new natural gas reservoirs.

The granted license is initially valid for three years, with the potential for a seven-year extension based on the progress achieved.