The memorandum on joint exploratory work in Israel’s exclusive economic zone (EEZ) was signed during the visit of the Azerbaijani delegation to Israel.
“The implementation of this document will expand the parties’ network of international cooperation and access to new energy resources,” Jabbarov stated.
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On Monday, Azerbaijan will sign agreements for natural gas exploration in Israeli waters, highlighting the strategic alliance between the two countries amid regional instability, Bloomberg reports.
A consortium including SOCAR, BP Plc, and Israel’s NewMed Energy LP will receive a license to develop one of the offshore blocks. The signing of the agreement was overseen by Azerbaijan’s Economy Minister Mikayil Jabbarov and Israel’s Energy Minister Eli Cohen, according to Israel’s Ministry of Energy.
For SOCAR, this marks another step in strengthening its position in Israel’s energy market. Earlier this year, the company acquired a 10% stake in the Tamar field, expanding its presence in key Israeli assets.
The licenses will be granted for Cluster I, an area of approximately 1,700 square kilometers in the northern part of Israel’s economic zone. According to Israel’s Ministry of Energy, this region has been largely unexplored in terms of natural resources.
