With conflict having eased, Israel is set to finalize offshore block awards officially made in October 2023 (MEES, 3 November 2023). And the first award will mark BP’s country entry: the UK major is set to be awarded the six-block offshore Zone I alongside Azeri state firm Socar and local firm NewMed on 17 March, MEES learns. Socar will operate with 33.34%, while BP and NewMed will hold identical 33.33% stakes.
“We are basically due to receive the blocks and to sign the license during this month. This is an area that has yet to be explored in the Israeli offshore and that’s an area which is sitting very close to Tamar, Leviathan, so in the heart of the activity,” NewMed CEO Yossi Abu confirmed on his firm’s 10 March earnings call. (CONTINUED - 493 WORDS)
