SOCAR Receives Licence for Gas Exploration in Israel's Leviathan Field
On 30 October, the State Oil Company of Azerbaijan (SOCAR), as part of a group of companies including Britain's BP and Israel's NewMed Energy, was awarded a licence to explore for gas in the northern part of the Leviathan field. Israel's energy ministry said a total of 12 licences had been awarded to six companies to explore for natural gas off the Jewish state's Mediterranean coast in a bid to increase competition and diversify suppliers.
"The winning companies have pledged to make unprecedented investments in natural gas exploration over the next three years, which we hope will lead to the discovery of new natural gas fields," added Israel Katz, Israel's energy minister.
According to him, it is at this time that giant gas exploration companies are expressing confidence in Israel's sustainability and want to invest here, thereby strengthening Israel's energy security.
Notably, the licence is valid for three years, with the possibility of renewal for up to seven years depending on progress.
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