Today in IsraelTech:
Israel Opens New Gas Exploration Bid as Export Deal with Egypt Nears
Israel's Energy and Infrastructure Ministry has launched a competitive process to explore five new offshore blocks, covering roughly 7,100 sq km of the country's exclusive economic zone. Ministry estimates suggest hundreds of billions of cubic meters of natural gas remain undiscovered offshore.
Six exploration licenses were awarded to a consortium including SOCAR (Azerbaijan's state oil company), BP, and Israel's NewMed Energy, with seismic surveys set to begin in the coming months.
The move comes alongside the largest gas export deal in Israel's history, a NIS 112b agreement to supply Egypt, and plans for a 150km underwater power cable connecting the solar-rich south to Israel's center, one of the largest transmission cables of its kind in the world.
Energy and Infrastructure Minister Eli Cohen called natural gas a strategic asset tied to both economic growth and regional standing. Israel has already generated over NIS 30b in direct gas revenue, with the ministry forecasting hundreds of billions of shekels over the next 30 years.