Israel awards blocks to Eni, SOCAR, BP in bid round

Israel

TEL AVIV, October 30, 2023 – Israel has proceeded with a round of offshore gas exploration block awards despite its conflict with Hamas, with six companies winning bids, the country’s energy ministry said on Sunday.

Awardees include an Eni-led group, which includes the UK’s Dana Petroleum and Israel’s Ratio Energies, set to explore in an area west of the Leviathan field. A second group – Azerbaijan’s SOCAR, global energy giant BP and Israel’s NewMed – will explore north of the massive gasfield.

The country launched its Fourth Offshore Licensing Round in December of last year. Licences were granted for three-year periods, extendable to seven years, after which awardees may decide to continue with development.

The Chevron-operated Leviathan field is estimated to hold 461 bcm (16.3 tcf) of natural gas and 35.8 million boe of condensate.

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