US Oil Giant Murphy Offshore Joins Israeli Gas Exploration Venture

Israeli energy partnership Ratio Energies announced Monday it has been officially granted six offshore exploration licenses in the G cluster, following a competitive tender by the Ministry of Energy and Infrastructure. As part of this development, Ratio is bringing in a new strategic international partner, the American company Murphy Offshore Oil. Both companies will hold a 50% stake in the licenses, with Murphy serving as the operator for the project. The partners are expected to begin advancing the work plan and geological surveys in the cluster.

Yigal Landau, CEO of Ratio Energies, stated that the granting of the licenses and the preparation for the work program in the G cluster represent a significant step towards expanding exploration in Israel and increasing gas reserves for future decades. He emphasized the business and national importance of leading international energy companies like Murphy operating in Israel's economic waters, predicting increased investments, enhanced competition in the gas market, and the development of additional energy sources. Landau also highlighted Ratio's experience in discovering and developing the Leviathan field as proof of its capability to transform geological potential into profitable assets with regional impact.

Landau further noted that Ratio Energies is pursuing new growth engines, including the G cluster investment with Murphy and its ongoing investment in Ratio Petroleum, which provides exposure to assets outside Israel and now also to producing assets through the acquisition of Pharos Energy. Murphy Offshore Oil's entry marks the first time an experienced international operator, particularly in deepwater drilling, has joined the Israeli market. The Houston-based company, with over 80 years of experience, is an independent U.S. firm engaged in oil and gas exploration and production, trading on the New York Stock Exchange with a market cap of approximately $5.5 billion.