Consortium with SOCAR to start 3D seismics on Israeli shelf in Sept
BAKU. April 14 (Interfax) - A consortium that includes the State Oil Company of Azerbaijan Republic (SOCAR), UK major BP and NewMed Energy will begin 3D seismic surveys in Zone 1 on Israel's Mediterranean shelf in September, the Israeli company's CEO, Yossi Abu said.
A seismic ship is due to conduct 3D mapping of the block in September, following a number of delays caused by the war in the Middle East, Abu in an interview with Israeli publication Globes. NewMed won the exploration rights together with SOCAR and BP.
Abu also said that about 1 trillion cubic meters of "existing and proven natural gas have been discovered in Israel," but the country currently consumes 13.5 bcm per year.
"Taking into account current consumption and expected future growth, total consumption is projected to reach 440 bcm by 2050. We have an enormous quantity of natural gas left for export, while still serving the local economy long past 2050," Abus said.
It was reported earlier that the consortium of SOCAR, BP and NewMed Energy planned to do 3D seismic surveys in Zone 1 this year using an international contractor. The companies signed an agreement to work together on Zone 1 on December 22, 2025 that sets out their rights and obligations within the context of work on licensed blocks. SOCAR is the operator of this project.
The schedule for the Zone 1 project for 2025-2026 includes conducting, buying and processing seismic surveys and additional work. The total budget for the program is estimated at $27.85 million, with each partner contributing about $9.19 million.
The SOCAR/BP/ NewMed Energy consortium won a tender for licenses from Israel's Energy Ministry to explore for gas in Zone I-6 in the northern part of Israel's exclusive economic zone in the Mediterranean Sea, near the Leviathan field, in October 2023. SOCAR was selected to be project operator.
The license was issued to the consortium on March 17, 2025 with an initial duration of three years from the date of issue, to March 17, 2028. Under provisions of Israel's law on oil, the license can be extended to seven years from the date of issue if obligations are undertaken to drill at each licensed area where drilling has not yet been done, with the possibility of additional extension for another two years if deposits are found.
The consortium is supposed to present a plan in October 2026 that provides for drilling in at least one of the four licensed areas, as well as an additional work program. The total area of the licensed zone is 1,677 square km.
SOCAR holds a 33.34% stake in the consortium, and BP and NewMed Energy each have 33.33%. This is the first foray into Israel's gas sector for both SOCAR and BP.
