Israel issues natural gas exploration licences to major global companies

On Monday, Israel issued licenses to BP, Socar and NewMed Energy to explore for natural gas in the country's waters. Israel strives to increase domestic gas reserves and boost exports, Reuters reports.

Azerbaijan's Socar will act as the consortium operator while exploring a 1,700 square kilometer area in the northern part of Israel's territorial waters. It is located near the Leviathan field. During the first phase of exploration, the companies will conduct seismic and geological surveys and then start drilling, the agency says.

Eli Cohen, Israel's Minister of Energy and Infrastructure, emphasized the strategic importance of natural gas in strengthening the country's economic and diplomatic standing worldwide.

Israel is also positioning itself as a regional energy hub. The country has committed to supply natural gas to Europe, which is seeking an alternative to Russian energy, according to Reuters.