Ratio and Murphy Oil Receive Six Gas Exploration Licenses in the Mediterranean

In depth

The Energy Ministry has granted Ratio and the American company Murphy six gas exploration licenses in Block G, located in Israel's economic waters. The decision was made three years after the won tender and a year after the Italian energy giant ENI withdrew from the exploration. Under the licenses, Murphy will hold 50% and serve as operator, while Ratio will increase its stake from 10% to 50%.

The partners will be required to provide guarantees of $25 million and to advance a plan that includes five exploration wells within three years. The Energy Ministry gave the companies up to 36 months to carry out the exploration and drilling.

At the same time, the ministry is changing the threshold conditions in the fifth competitive process, with the aim of allowing additional companies to apply. The results of the fifth tender have not yet been published.