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US Energy Giant Murphy Joins Israel's Offshore Gas Exploration
Israel's Energy Ministry granted six offshore natural gas exploration licenses in Block G to a joint venture between Ratio Energies and U.S. company Murphy Offshore Oil. Murphy replaces Italian firm Eni, which withdrew due to political pressure.
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What happened
- 01Murphy Offshore Oil and Ratio Energies will jointly explore for natural gas in Mediterranean Block G.
- 02U.S. company Murphy replaces Italian firm Eni, which withdrew due to political pressure and protests.
- 03Israel's Energy Ministry sees the deal as a success in attracting international investment for gas production.
- 04The licenses are valid for three years, extendable to seven, and can become 30-year production leases.
- 05Block G is estimated to contain hundreds of billions of cubic meters of undiscovered natural gas.
- 06A fifth competitive licensing round for natural gas exploration is expected to open by year's end.
The move is seen as a success for Israel's strategy to attract foreign investment and increase energy reserves. The licenses are valid for three years, extendable to seven, and can become 30-year production leases if a discovery is made. Block G is estimated to hold substantial natural gas reserves.
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