BP and SOCAR are ready to invest in a gas project on the Israeli shelf
BP and the Azerbaijani state oil company SOCAR participated for the first time in the Israeli round of licensing of natural gas exploration, which is the latest sign of growing international interest in the Eastern Mediterranean basin, Reuters reports, citing its sources. BP and SOCAR together with Israel's NewMed Energy (NWMDp.TA) have applied for two offshore blocks as part of the fourth licensing round, which ended on Sunday.
This happened four months after BP and Abu Dhabi's state-owned oil giant Adnoc offered to jointly acquire 50% of NewMed for about $2 billion, potentially giving them access to Israel's growing energy sector.
The gas-rich offshore basin located between Egypt, Israel, Cyprus and Lebanon has attracted the attention of some of the world's leading energy companies in recent years, especially at a time when Europe is struggling to secure supplies to replace Russian gas after Moscow's invasion of Ukraine.
NewMed is the largest shareholder in the giant Leviathan offshore field, which is managed by Chevron (CVX.N), which produces 12 billion cubic meters (bcm) of gas, which is supplied to Israel, Egypt and Jordan.
Sources report that the joint application submitted by NewMed, BP and Socar concerned blocks in the immediate vicinity of the Leviathan and Tamar fields.
BP declined to comment, and Socar did not respond to a request for comment. In the regulatory documentation, NewMed confirmed that it had submitted an application as part of a consortium with "international companies". The winners of the competition should be announced in the fourth quarter, Reuters notes.
The attempts to get comments from BP and SOCAR were futile.
Former US Secretary of State Henry Kissinger dies aged 100
30 November 2023 / 10:42
Armenia, Azerbaijan deputy PMs’ talk kicks off at border
30 November 2023 / 10:30
Baku and Yerevan to discuss border delimitation
29 November 2023 / 13:54
'No Planned Interactions With Russia': U.S. Envoy Rules Out Direct Blinken-Lavrov Encounter At OSCE Summit
29 November 2023 / 11:55
Some Armenia trucks sent back from Upper Lars checkpoint on Georgia-Russia border
29 November 2023 / 11:40
Armenia between Russia and the West
29 November 2023 / 11:12
Georgia prepares celebrating EU candidate status
28 November 2023 / 11:04
Turkish defense minister says there is 'historic opportunity' for peace in the region
28 November 2023 / 10:40
SPECA Summit Marks 25 Years of Regional Economic Collaboration in Baku
24 November 2023 / 14:49
Russia presidential spox: CSTO countries’ leaders will think about how to deal with Armenian factor
24 November 2023 / 14:42
Russia comments on Armenia’s refusal to participate in CSTO summit
23 November 2023 / 13:29
Why Pashinyan plans to hold early parliamentary elections?
23 November 2023 / 12:22
Armenia, Azerbaijan to hold border delimitation talks, Foreign Ministry confirms
23 November 2023 / 12:05
Baku offers Yerevan peace based on five principles
20 November 2023 / 11:45
Toivo Klaar: Quite logical that any road, railway that goes through Armenian territory is controlled by Armenia
20 November 2023 / 11:23