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Eni and state oil company are big winners in Israel bid round - Upstream Online

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Eni and state oil company are big winners in Israel bid round | Upstream Online

Italian major Eni and Azerbaijani’s state oil company Socar have been awarded a dozen exploration blocks in the gas-rich Levantine basin offshore Israel, a country currently “at war” with Palestinian militant group Hamas, according to Prime Minister Benjamin Netanyahu.

There has been heightened interest in Israel’s gas-rich waters since Russia invaded Ukraine, mainly triggered by Europe’s need to secure new sources of natural gas to replace Russian supplies, but also by improved political and economic ties between Israel and Arab nations.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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