BAKU, Azerbaijan, April 21. A consortium
including the State Oil Company of the Azerbaijan Republic (SOCAR),
bp, and NewMed Energy is expected to begin three-dimensional
seismic surveys in the Mediterranean, offshore Israel, as early as
September, SOCAR told Trend.
According to the company, the work will take place in Zone one
of Israel’s Mediterranean shelf, with a key decision stage on the
project scheduled for July 2026.
“If the decision is approved, it will be possible to begin work
as early as September 2026,” the statement said.
SOCAR noted that, as the operator, it is responsible for
managing both the technical and commercial aspects of the project
on behalf of the joint venture (JV). This includes implementing the
minimum exploration work program and budgets, concluding contracts,
overseeing contractors’ compliance with technical requirements,
managing partner approval processes, and coordinating with
government authorities.
The consortium, comprising SOCAR, Israel’s NewMed Energy, and
the United Kingdom’s bp, secured the exploration license in October
2023 through a tender announced by Israel’s Ministry of Energy. The
license covers the “I-6” zone located near the Leviathan gas field.
Under the terms of the tender, the consortium is required to carry
out drilling operations in at least one of the licensed areas by
October 2026, as well as submit an additional work program plan
subject to approval by the commissioner for petroleum affairs.
According to the tender rules, exploration licenses are
initially granted for a period of 3 years, during which license
holders must complete a mandatory work program to assess the
natural gas exploration potential of the allocated area.
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