SEATTLE (Oil Monster): Israel has awarded six offshore natural gas exploration licenses in Zone G to Murphy Oil and Ratio Energies, bringing another international operator into the country’s Eastern Mediterranean upstream sector.
The licenses cover approximately 1,700 square kilometers offshore Israel and are located about 25 kilometers southwest of the Leviathan natural gas field.
Murphy Oil will hold a 50% interest and serve as operator, while Ratio Energies will hold the remaining 50%.
Murphy said the award marks its entry into the Eastern Mediterranean and gives the company a new exploration opportunity in the region.
The licenses stem from Israel’s fourth offshore competitive licensing round.
Zone G had originally been awarded to a consortium that included Eni, Dana Petroleum and Ratio Energies. Eni later withdrew, and Ratio subsequently sought a replacement international operator.
Murphy’s entry allows the exploration program to move forward under a new 50-50 ownership structure with Ratio.
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Murphy’s entry broadens the group of international companies exploring offshore Israel. Zone G sits close to the producing Leviathan field, while a separate BP-SOCAR-NewMed consortium is exploring another block awarded under the same licensing cycle. The new licenses expand Israel’s exploration pipeline, but they do not yet represent a gas discovery or future production.
Murphy and Ratio will now evaluate the exploration potential of Zone G through geological and seismic work before moving into drilling.
Israeli reporting says the initial licenses are valid for three years and can be extended under regulatory conditions, with the partners expected to drill an exploration well within approximately 36 months.
No commercial discovery, reserve estimate or production target has been announced by Murphy.
The Israeli Energy Ministry has said it wants to increase exploration activity, attract additional international operators and expand future gas resources for domestic use and exports.
Murphy joins existing foreign operators including Chevron and Energean in Israel’s offshore energy sector.
Zone G’s proximity to Leviathan gives the new acreage strategic relevance, but it does not establish geological continuity or guarantee a discovery.
Leviathan is already undergoing a major expansion, with Israel having approved a plan designed to raise production capacity substantially toward the end of the decade.
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The key milestones are seismic evaluation, selection of drilling targets and the first exploration well.
Any commercial significance for Zone G will depend on drilling results and subsequent appraisal, development and investment decisions.
Courtesy: www.ynetnews.com
