Azerbaijan to participate in gas exploration in Israel

The State Oil Company of the Azerbaijani Republic (SOCAR) in a consortium with British BP Plc and Israel's NewMed Energy plans to finalize a plan for gas exploration in Israel's exclusive economic zone in the Mediterranean Sea with the Israeli Energy and Infrastructure Ministry within the next two weeks, the Israeli economic publication Globes reported.

"The consortium, which includes SOCAR, NewMed Energy and BP, will sign a work plan with the Israeli Energy and Infrastructure Ministry for gas exploration in Zone I-6 within the next two weeks," the report reads.

In January, SOCAR signed a deal with Union Energy to acquire a 10% equity stake in the Tamar project.