Israel awards 12 offshore gas exploration licences to six companies

Israel’s Ministry of Energy and Infrastructure has awarded 12 licences to six companies to explore natural gas off the Mediterranean coast to enhance competition and diversify suppliers.

“The winning companies have committed to unprecedented investment in natural gas exploration over the next three years, which would hopefully result in the discovery of new natural gas reservoirs.

“That in turn will solidify Israel’s energy security, enhance the country’s international relations, contribute to a reduction in the cost of living, and form a secure backup energy source in order to accelerate the transition to renewable energies.”