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Israel awards natural gas exploration licences to BP, Socar and NewMed

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Israel awarded licences to BP , Azeri national oil firm Socar and local company NewMed Energy on Monday to explore for natural gas in Israeli waters as the country seeks to boost domestic gas reserves and expand exports.
Israel has granted exploration licenses for natural gas in its economic waters to a consortium including BP, Azerbaijan's state oil company SOCAR, and Israel's NewMed Energy. This decision aims to bolster Israel's energy sector by expanding its natural gas reserves, which are crucial for both domestic use and export. The licenses cover areas in the Mediterranean Sea, with the potential to significantly increase Israel's gas production capacity. This move is part of a broader strategy to enhance energy security and economic benefits through the development of offshore gas fields.

Read the Full Reuters Article at:
[ https://www.msn.com/en-ca/money/other/israel-awards-natural-gas-exploration-licences-to-bp-socar-and-newmed/ar-AA1B4OZK ]