Israel launches fifth offshore natural gas exploration licensing round

The Israeli Ministry of Energy has announced its fifth licensing round for natural gas exploration within the country's Mediterranean exclusive economic zone. The process is scheduled to take place over three phases spanning approximately one year, as stated by Energy Minister Eli Cohen. Chevron, the current operator of the Tamar and Leviathan fields, is permitted to participate in the competition through a consortium. The Leviathan field is situated approximately 130 kilometers offshore and currently serves as a primary export source for Egypt and Jordan. Last December, Israel ratified a $35 billion agreement to supply 130 billion cubic meters of gas to Egypt until 2040. Israeli authorities estimate that as much as 400 billion cubic meters of undiscovered gas may remain in the region. The tender process had previously experienced delays due to ongoing regional conflicts. The government aims to bolster domestic reserves and further strengthen energy exports to neighboring markets.