BP and Socar Enter Israeli Offshore Gas Market with Groundbreaking Bid

BP and Azerbaijan's Socar have participated in an Israeli licensing round for natural gas exploration, signaling growing international interest in the Eastern Mediterranean basin. The companies, along with Israel's NewMed Energy, jointly bid for two offshore blocks in the fourth licensing round. This move follows BP and Abu Dhabi's Adnoc offering to acquire 50% of NewMed, potentially giving them access to Israel's energy sector. The gas-rich offshore basin, spanning Egypt, Israel, Cyprus, and Lebanon, has attracted major energy companies as Europe seeks alternative gas supplies. The winners of the auction will be announced in the fourth quarter.