BP, SOCAR, and NewMed Secure Gas Licenses
Israel’s Energy Ministry has officially awarded natural gas exploration licenses to a BP-SOCAR-NewMed Energy consortium, marking BP’s first venture into Israel’s gas sector.
The 12 licenses, covering 1,700 square kilometers in the Mediterranean Sea near the Leviathan gas field, were initially granted in October 2023 but formally signed on March 17, 2025, in the presence of Azerbaijan’s Economy Minister Mikayil Jabbarov and Israel’s Energy Minister Eli Cohen. The consortium will conduct seismic and geological surveys, with potential drilling based on findings.
The partnership structure designates SOCAR as the operator with a 33.34% stake, while BP and NewMed Energy each hold 33.33%. This initiative reinforces Israel’s commitment to expanding natural gas production for domestic use and export, strengthening energy security and international collaboration.
Arnon represented SOCAR in this transaction.
Read more in Reuters.
