Israel has launched its fifth competitive process for offshore natural gas exploration, seeking to expand its energy resources, strengthen domestic supply and increase exports to regional markets, Energy Minister Eli Cohen announced on Monday.
The new tender process, covering Israel's economic waters in the Mediterranean Sea, will be conducted in three phases and is expected to take about a year to complete.
Israel already relies heavily on gas fields in the Eastern Mediterranean's Levant Basin, with the Tamar field supplying much of the country's domestic demand and the nearby Leviathan field serving as the main source of exports to Egypt and Jordan.
Speaking at a news conference, Cohen said the country's natural gas sector had demonstrated its economic value and played an important role in regional cooperation.
“The gas sector has proven its economic viability,” Cohen said, adding that exports to Egypt and Jordan help promote regional stability.
Chevron, which operates both the Tamar and Leviathan gas fields, will be permitted to participate in the bidding process as part of a consortium.
The launch comes as Israel seeks to expand its energy industry while maintaining sufficient reserves for domestic consumption.
Under Israeli law, the first 50 billion cubic metres (bcm) of any newly discovered gas must be reserved for domestic use. Any additional volumes are divided between local consumption and exports.
Petroleum Commissioner Chen Bar Yoseph said significant untapped reserves may still remain beneath Israeli waters.
According to his estimates, as much as 400 bcm of natural gas could yet be discovered. Israel currently consumes around 14 bcm annually and exports a similar amount.
The Leviathan field alone is estimated to contain approximately 600 bcm of natural gas.
Israel has increasingly positioned itself as a regional energy supplier in recent years.
In December, the country approved a $35 billion agreement to supply 130 bcm of natural gas to Egypt through 2040, one of the largest energy deals in the region.
Officials believe additional discoveries could further strengthen Israel's role as a gas exporter.
Bar Yoseph noted that Europe remains interested in Israeli gas, although the lack of export infrastructure remains a major obstacle.
“At the moment, Israel does not have sufficient reserves to export to Europe,” he said, adding that major new discoveries could change that calculation.
The exploration round had been ready for launch for several months, but was postponed because of regional tensions and conflict.
Cohen said developments in the region, including an agreement between Israel and Lebanon, had created more favourable conditions for proceeding with the tender and could help attract additional international energy companies.
The latest initiative follows Israel's decision last year to award exploration licences to a consortium including BP, Azerbaijan's state oil company SOCAR and Israeli energy firm NewMed Energy.
The government hopes the new exploration round will lead to fresh discoveries that can support long-term energy security while expanding Israel's growing natural gas export sector.
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Here's your AnewZ Daily Brief for 11 November. Today, we cover Russia-Ukraine peace talks, political tensions in Washington, strikes in Spain, espionage allegations involving Nvidia's CEO, and climate negotiations at COP31 in Türkiye.
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Iran has unveiled a new underground missile and drone base, warning that it will respond forcefully to any attack, as tensions persist with the U.S. and oil tankers continue to be struck by naval mines in the Strait of Hormuz.
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Russian President Vladimir Putin has thanked U.S. President Donald Trump for facilitating talks between Russia and Ukraine, but warned that any foreign troops deployed in Ukraine would be considered legitimate targets by Moscow.
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