12:45 - 18.07.2023

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July 18, Fineko/abc.az. BP (BP.L) and Azerbaijan's national oil company SOCAR have taken part for the first time in an Israeli licencing round for natural gas exploration, the latest sign of growing international interest in the Eastern Mediterranean basin.

ABC.AZ reports that BP and SOCAR jointly placed a bid along with Israel's NewMed Energy (NWMDp.TA) for two offshore blocks in the fourth licencing round that closed on Sunday.

NewMed is the largest stakeholder in the giant Leviathan offshore field operated by Chevron (CVX.N), which produces 12 billion cubic metres (bcm) of gas that are supplied to Israel, Egypt and Jordan.

The auction's winners are set to be announced in the 4th quarter.