A consortium of UK-based supermajor BP, Azerbaijan’s state oil and gas firm SOCAR, and Israeli company NewMed Energy on Monday signed a licensing agreement to explore for natural gas offshore Israel, the Energy Ministry of Israel said. The deal marks BP’s entry into Israel and the first exploration effort outside Azerbaijan for the state company SOCAR.
The three-way consortium was given licenses to explore for natural gas in the so-called Zone I as part of Israel’s efforts to boost its domestic gas supply and exports to foreign…BP and Azerbaijan’s SOCAR to Explore for Gas Offshore Israel
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