Details revealed of gas exploration partnership in Zone I on Israeli shelf

The share of the State Oil Company of Azerbaijan (SOCAR) in a consortium with Israel’s NewMed Energy and Britain’s BP Plc will be 33.34%, NewMed Energy announced this today on its LinkedIn social media account.

"Earlier this week, together with bp and SOCAR, we were officially awarded the exploration license for natural gas in Zone I, offshore Israel. The license, granted by Israel's Ministry of Energy, covers six exploration blocks. The partnership structure: State Oil Company of the Republic of Azerbaijan (SOCAR) – 33.34% (Operator), bp – 33.33%, and NewMed Energy – 33.33%," the statement reads.

"As pioneers in Israel's gas exploration, we are proud to expand our activities with this new license. Strengthening Israel’s energy security depends on continuous exploration, new discoveries, and the entry of leading international players into the Israeli natural gas market," the company said.

NewMed Energy's General Manager, Yossi Abu, highlighted on social media that, for the first time, a national oil company from a Muslim country—Azerbaijan’s SOCAR—has joined Israel’s energy sector.

Together with BP and NewMed, this partnership carries significant economic, political, and strategic value, he noted, adding that strong relations between countries are often built on strategic, mutually beneficial partnerships.

Yossi Abu said the most enduring relationships are those that create value for both sides.

"We have observed this in recent years, and as we see growing cooperation in the natural gas sector, we will continue to promote and strengthen it," he noted.

As previously reported, the consortium consisting of SOCAR, BP, and NewMed Energy won the tender in October 2023 for licenses issued by Israel’s Ministry of Energy to conduct exploration in Zone I-6, near the Leviathan field. The official license award ceremony took place on March 17, 2025.

For SOCAR and BP, this will be their first entry into Israel’s gas sector.