SOCAR to search for gas at intersection of Israel, Lebanon, Cyprus economic zones

In the coming weeks, a consortium consisting of Israel's NewMed, the UK's BP and the State Oil Company of Azerbaijan (SOCAR) will sign a contract with the Israeli Ministry of Energy to explore gas in Block I of Israel's exclusive economic zone in the Mediterranean Sea, the economic publication Globs said, Report informs, citing Israeli media.

Block I is located in the northwest of the Israeli economic zone, at the intersection of the Lebanese and Cypriot economic zones and borders the Karish and Tanin fields.

The contract will also bring the oil and gas company of the emirate of Abu Dhabi ADNOC into Israeli economic waters. ADNOC had previously tried to acquire a stake in the Leviathan field.

Last year, BP (51%) and ADNOC (49%) created a joint venture that was granted the rights to develop fields in Egypt, Israel and Cyprus.