The two companies were formally awarded exploration licenses for Zone G as part of Israel's Fourth Offshore Bid Round, marking Murphy's first operational entry into Israel and the Mediterranean.
Follow us on GoogleAmerican oil and gas company Murphy Offshore Oil is entering Israel's energy exploration market for the first time after securing offshore exploration licenses alongside Israeli firm Ratio Energies, the latter announced on Monday.
The two companies were formally awarded exploration licenses for Zone G on Sunday as part of Israel's Fourth Offshore Bid Round, marking Murphy's first operational entry into both Israel and the Mediterranean region.
Under the agreement, Ratio Energies and Murphy will each hold a 50% working interest in the licenses, with the American company serving as operator of the exploration project.
Murphy, a subsidiary of Houston-based Murphy Oil Corporation, brings decades of international experience in oil and natural gas exploration and production, particularly in deepwater environments.
The partnership is expected to advance exploration activity in Israel's exclusive economic zone (EEZ), as the country seeks to identify additional offshore natural gas resources and expand its energy reserves.
"The award of the exploration licenses and preparations to commence the Zone G work program mark an important step toward expanding exploration activity in Israel and increasing the country's natural gas reserves for the decades ahead," Ratio Energies CEO Yigal Landau said.
Landau welcomed Murphy's participation in Israel's offshore energy sector, describing the involvement of major international companies as an important development for the country's energy industry.
"The participation of leading international energy companies, including Murphy, in Israel's offshore exploration sector is significant from both a business and national perspective," he said.
"It has the potential to attract further investment, strengthen competition in the natural gas market, and create new opportunities to develop additional energy resources."
Leviathan reservoir handling demonstrates ability to manage offshore resources
Ratio Energies is a partner in Israel's Leviathan natural gas reservoir, one of the country's most significant offshore energy discoveries, which has helped establish Israel as a regional natural gas producer and exporter.
Landau said the company's experience with Leviathan demonstrated its ability to develop offshore resources with strategic importance beyond Israel's borders.
"Our experience in the discovery and development of the Leviathan reservoir, which has become a strategic energy asset, demonstrates Ratio Energies' ability to transform geological potential into producing assets with regional significance," he said.
The new partnership forms part of Ratio Group's broader expansion strategy, which includes investments in exploration projects in Israel and energy assets abroad.
Following the formal award of the licenses, the two companies are expected to begin advancing their planned exploration work program in Zone G.
Follow us on GoogleSource: The Jerusalem Post · JERUSALEM POST STAFF
At a glance
- Topic
- World
- Country
- 🇮🇱 IL
- Publisher language
- EN
- Added to Allnira