Israel has officially launched a new phase of offshore natural gas exploration in the Mediterranean Sea, aiming to bolster its energy production and export capabilities. According to the Operative Information Center-OMM, the announcement was made by Israeli Energy Minister Eli Cohen.
The Ministry of Energy has initiated its fifth competitive tender process for natural gas exploration within Israel's economic waters. Officials stated that the tender will proceed in three distinct stages and is expected to span approximately one year.
Currently, Israel's domestic energy supply relies heavily on the Tamar and Leviathan gas fields. Gas extracted from the Leviathan field is primarily exported to Egypt and Jordan. Minister Cohen emphasized that the gas sector remains a cornerstone of the national economy, noting that energy exports play a vital role in regional stability.
Under Israeli legislation, the first 50 billion cubic meters of any newly discovered gas reserves must be reserved for domestic consumption. Chen Bar Yosef, the Petroleum Commissioner, indicated that there may be approximately 400 billion cubic meters of undiscovered natural gas reserves remaining in the country's maritime territory.
Israel has been actively expanding its energy partnerships. Last year, the country signed a $35 billion agreement with Egypt to supply 130 billion cubic meters of gas through 2040. Furthermore, a consortium comprising BP, the State Oil Company of Azerbaijan (SOCAR), and Israel's NewMed Energy was granted licenses to conduct gas exploration in the Mediterranean, highlighting the growing international cooperation in the region's energy sector.
