Nov 9 (Reuters) – US oil and gas producer Murphy Oil (MUR.N) said on Monday it had been awarded six exploration licenses in Zone G offshore Israel, marking its entry into the Eastern Mediterranean region.
The licenses cover about 1,700 square kilometers offshore Israel, about 25 km southwest of Leviathan, one of the Eastern Mediterranean’s largest natural gas fields and a major source of supply for Israel and neighboring markets, particularly Egypt.
Under the award, a Murphy unit will operate the licenses and hold a 50% stake, while Israel-based Ratio Energies (RATIp.TA) will hold the remaining 50%
The companies will collaborate to further assess the exploration potential of the Zone G acreage.
Reporting by Anushree Mukherjee in Bengaluru; Editing by Tasim Zahid
