Azerbaijan's SOCAR is teaming with British BP and Yitzhak Tshuva's NewMed Energy of Israel to search for gas in Israel's economic waters, APA-Economics reports citing Globes.
Sources have informed Globes that SOCAR, as the operator in a consortium with British Petroleum (BP) and Yitzhak Tshuva's NewMed Energy to search for gas in Block I in the northwest of Israel's economic waters, will sign a work plan with Israel's Ministry of Energy and Infrastructure in two weeks.
This will be SOCAR's first drilling operations outside of Azerbaijan.
According to the terms of the tender which was awarded in 2023, the consortium must submit a plan by October 2026 that includes drilling in at least one of the licenses in the block and an additional work plan, which will be approved by Israel's Petroleum Commissioner. After executing at least one drilling and meeting the work plan aims, the companies will be able to extend their activities for another two years.
In addition to this project, SOCAR announced on January 31, 2025, that it had signed an agreement with Union Energy to acquire a 10% stake in the Tamar project, one of the largest offshore gas fields in the Mediterranean.
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