SOCAR-Led Consortium Won Natural Gas Exploration Licenses in Israeli Waters

SEATTLE (Oil Monster): Natural gas exploration rights for blocks in Israeli waters near Leviathan field have been awarded to the Azerbaijan State Oil Company (SOCAR), Israel's NewMed Energy, and the British oil and gas giant BP. It should be mentioned that in October 2023, Israel's Energy Ministry awarded exploratory permits for drilling to the consortium made up of the three businesses mentioned above.

Due mostly to the start of the war with Hamas, natural gas development off the Mediterranean coast of Israel has been moving slowly.

Next week, a formal SOCAR delegation will travel to Israel to finalize the previously announced agreement to purchase a 10% stake in the Tamar natural gas reserve off the Mediterranean coast of the nation. In order to finalize the plan for offshore gas exploration, SOCAR and its partner businesses are anticipated to have talks with Israel's Energy Ministry during the visit. It should be mentioned that SOCAR owns 33.34% of the consortium.

License holders will be permitted to conduct exploratory work on the entire territory during the first three years of the license's validity. If at least one well is drilled and the additional work plan is completed, the license duration in the cluster may be extended by an additional two to seven years.

YOU MAY ALSO BE INTERESTED IN:

SOCAR Coming Aboard Chevron's Gas Field Offshore Israel

Serbia Seals the Deal with Azerbaijan for Gas Supply