A seismic vessel is expected to arrive in Israel in September and begin active gas exploration in Block I held by NewMed, BP and SOCAR, market sources said. If it happens, it will be the first active gas search since small discoveries were made in 2022 in Energean’s existing fields, following a license granted in 2016.
The partners won exploration rights to the block in October 2023, but after the war began they formally took the license only in March 2025. The move matters because Israel is expected to need many more gas assets to meet surging power demand over the next decade.
The first active stage is a three-dimensional seismic survey, which requires a specialized vessel booked months in advance. The ship is expected to spend about a year surveying the entire block, after which companies can decide whether to drill an exploration well, the step that ultimately confirms a new gas discovery or rules it out.
Israel’s gas exploration program has been delayed repeatedly. The Energy Ministry has held four competitive rounds, but none led to active drilling, due to factors including the maritime border deal with Lebanon, the October 2023 war and failures to exercise rights. NewMed’s long-delayed bid with BP and SOCAR was also slowed by limits on gas exports to Egypt, meant to preserve low prices at home, and the vessel was previously expected only in early 2026.
A separate consortium, Ratio, Dana Petroleum and ENI, has still not taken up its license. ENI withdrew in October 2025 for geopolitical reasons, Ratio notified the Tel Aviv Stock Exchange in March, and in May the partners said they had found a new international partner. They have already received an extension, which expires today, and may ask for another, so the timing of their license and any drilling remains unclear. In February, the Energy Ministry launched a fifth tender, from which Energean was not excluded, but that process was also delayed, this time by the war with Iran. Energy Minister Eli Cohen recently said, “Within a few weeks we will launch another round of gas exploration,” and added, “I believe there is also oil in Israel, and we are already discussing deeper drilling,” citing possible deposits beneath existing gas layers. That process is also being held up by a tax dispute. If new fields are found, officials say they could strengthen competition, resilience and energy independence, and delay the point at which Israel would need to import gas, currently estimated at about 20 years from now.
