Israel's Energy Ministry launches exploration bid to find more natural gas in its economic waters

Israel is intensifying its search for natural gas, with the Energy and Infrastructure Ministry announcing a new competitive exploration bid in the country's economic waters. The ministry plans to open five new blocks for exploration, spanning an area of about 7,100 square kilometers. Current estimates suggest that hundreds of billions of cubic meters of natural gas could still be undiscovered within Israel's exclusive economic zone.

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Natural gas is a strategic asset that strengthens our economic and diplomatic standing in the world in general, and in the Middle East in particular.

Energy and Infrastructure Minister Eli Cohen emphasized the strategic importance of natural gas, stating it strengthens Israel's economic and diplomatic standing, particularly in the Middle East. His policy focuses on expanding exploration, attracting international energy giants, and increasing production for both domestic consumption and export. This move is expected to help ensure the local market's needs are met, foster greater competition, increase state revenues, and potentially reduce electricity tariffs for Israeli citizens.

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Therefore, my policy is to expand natural gas exploration, bring international energy giants to invest in Israel, and increase natural gas production, for the local market and for export.

Israel has already generated over NIS 30 billion from direct gas revenues and forecasts hundreds of billions more within three decades. The ministry highlighted that six exploration licenses have already been granted to a consortium including Azerbaijan's SOCAR, BP, and Israel's NewMed Energy. Seismic surveys are scheduled for the coming months, alongside efforts to expand production from the Tamar and Leviathan reservoirs. Furthermore, a significant natural gas export deal to Egypt, valued at NIS 112 billion, is expected to bolster regional stability and encourage further investment in Israel by offering attractive prices and maintaining low domestic tariffs.

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The ministry is acting to ensure the supply of natural gas to the local market, while maintaining an attractive environment for investments and competitive prices.