Israel’s Minister of Energy and Infrastructure, Eli Cohen, together with the Petroleum Commissioner, Chen Bar-Yosef, awarded six new natural gas exploration licenses today as part of Israel’s fourth competitive licensing round.
The licenses were granted to a consortium that includes SOCAR, Azerbaijan’s national oil and gas company; BP, one of the world’s largest energy giants; and NewMed Energy from Israel.
The event was attended by SOCAR Chairman and Azerbaijan’s Minister of Economy, Mikayil Jabbarov, marking a historic entry for SOCAR into offshore gas exploration outside Azerbaijan. This move underscores the strategic importance of Israel’s energy sector.
Expanding Gas Reserves and Opening the Market to Investment
The awarded licenses focus on an area known as ‘Cluster I’ and are part of a broader initiative led by the Ministry of Energy to increase Israel’s natural gas reserves for domestic use while expanding export potential to additional countries.
Minister Cohen emphasized that awarding these licenses is “part of a clear policy aimed at attracting major international players and ensuring long-term energy security and stability for Israel.”
What’s Next? A Fifth Licensing Round on the Horizon
According to the Ministry of Energy, additional licenses are expected to be granted later this year, with a fifth competitive licensing round set to be announced soon. This development highlights the growing confidence of international corporations in Israel’s energy sector and strengthens Israel’s position as a leading partner in the regional energy market.
