BP and Azeri national oil company Socar have taken part for the first time in an Israeli licencing round for natural gas exploration, the latest sign of growing international interest in the Eastern Mediterranean basin, sources said.
Signage is seen outside a BP petrol station in Liverpool, Britain, February 7, 2023. REUTERS/Phil Noble/File PhotoEastern Med gas has drawn growing international interestand Azeri national oil company Socar have taken part for the first time in an Israeli licencing round for natural gas exploration, the latest sign of growing international interest in the Eastern Mediterranean basin, sources said.
The joint bid placed by NewMed, BP and Socar was for blocks in proximity to the Leviathan and Tamar fields, the sources said. Although there is low expectation of discovering new huge reserves similar to Leviathan or Tamar, discovering smaller resources would be vital for expanding the size and longevity of existing fields, the sources said., which operates the offshore Karish field in Israel, bid for blocks in Zone I, according to the sources. Energean declined to comment., which holds a 15% stake in the Leviathan field, also placed a bid for blocks in Zone G, according to the sources.
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