International Energy Giants Secure Gas Exploration Licenses in Israel

Israel's Energy Ministry has awarded 12 licences to six companies, including Eni, BP, and Socar, to explore for natural gas off the country's Mediterranean coast. The aim is to create more competition and diversify suppliers. The licences will last for an initial three years, with the option to extend up to seven years, depending on progress. The companies have committed to significant investment in exploration, which could lead to the discovery of new gas reservoirs. Israel hopes to increase its gas reserves and advance plans to export gas to Europe.