Consortium including SOCAR to conduct 3D seismic on Israeli shelf in 2026
BAKU. March 17 (Interfax) - A consortium of State Oil Company of the Azerbaijani Republic (SOCAR), BP Plc and Israel's NewMed Energy will begin 3D seismic exploration in Zone I on Israel's Mediterranean shelf this year.
This year is expected to be a significant one due to expansion at the Leviathan field, as well as plans to conduct two seismic surveys - one in Zone I of Israel's Exclusive Economic Zone [in partnership with SOCAR and BP] and another focused on deep-lying targets in the Leviathan reservoir, NewMed Energy said in its 2025 report.
In order to commence work in Zone I, SOCAR, BP and NewMed Energy signed a joint operating agreement on December 22, 2025, setting down the mutual rights and obligations of the parties within the license areas. SOCAR is the operator of this project.
The 2025-2026 program includes the conduct, procurement and processing of seismic surveys, as well as additional work. The program budget is estimated at $27.85 million, with each partner's actual contribution totaling approximately $9.19 million. 3D seismic surveys are planned for the coming months with the involvement of an international contractor.
The initial license issued to the consortium is valid three years from the date of issue, until March 17, 2028. In accordance with Israel's Petroleum Law, the license may be extended for up to seven years from the date of issue, with a possible two-year extension if a field is discovered.
A consortium of SOCAR, NewMed and BP won a tender for a license from the Israeli Energy Ministry in October 2023 to conduct exploration in Zone I-6 close to the Leviathan field. SOCAR was selected as project operator.
The license was issued on March 17, 2025. It will be valid for up to seven years provided that a drilling commitment is presented for each licensed block where drilling has not yet taken place.
The consortium was due to submit a plan that includes drilling on at least one of the four license blocks, as well as an additional work program, by October 2026.
Zone I, which covers 1,677square kilometers, is located in the northern part of Israel's exclusive economic waters.
The consortium includes SOCAR - 33.34%, BP - 33.33% and NewMed Energy - 33.33%. This will be the first time SOCAR and BP have operated in Israel's gas sector.
