Globes: bp–SOCAR–NewMed consortium set to start Israel gas search in September

A consortium comprising bp, the State Oil Company of the Azerbaijan Republic (SOCAR), and Israel’s NewMed Energy is set to launch active offshore gas exploration in Israel’s Block I this September, according to market sources cited by Globes and reported by Caliber.Az.

The exploration will be carried out using a specialised 3D seismic survey vessel, which is expected to arrive in Israeli waters next month. This marks the first major offshore exploration activity in the country since 2022, when small gas deposits were identified by Energean under a licence issued in 2016.

The consortium secured exploration rights in October 2023, but the formal licence was only granted in March 2025 following delays linked to the regional security situation. The project is considered strategically significant for Israel, which is seeking to expand its natural gas reserves to meet rising electricity demand over the coming decade.

According to the report, 3D seismic surveying represents the initial phase of offshore hydrocarbon exploration. The vessel will operate across the licensed block for approximately one year, collecting geological data to identify potential gas-bearing structures. Any promising findings would then be followed by exploratory drilling.

The implementation of the consortium’s prospective project, which includes NewMed (part of the Delek Group and holding around 45% of the Leviathan field), oil and gas giant bp, and SOCAR, was delayed due to the suspension of gas export approval to Egypt. This decision was made to ensure lower gas prices for the domestic economy.

It was previously expected that the consortium’s seismic survey vessel would arrive in the first half of 2026, but the timeline has been shifted, and the new date is September 2026.

By Vugar Khalilov