Israel and Azerbaijan are set to sign a work plan for offshore gas exploration in Israel's economic waters. Azerbaijan State Oil Company (SOCAR) and its partners, including BP and Israel's NewMed Energy, won a tender for exploration licenses in October 2023. Progress has been delayed due to the outbreak of war with Hamas. SOCAR is also set to acquire a 10 percent stake in the Tamar gas reservoir. The alliance between Azerbaijan and Israel is complicated due to their proximity to Iran, but their partnership has flourished in recent years. Israel is a leading arms supplier to Azerbaijan, while Azerbaijan has supplied Israel with oil.
image sourced from original article at https://www.timesofisrael.com/israel-and-azerbaijans-state-oil-firm-set-to-seal-plan-for-offshore-gas-exploration/Original article source: https://www.timesofisrael.com/israel-and-azerbaijans-state-oil-firm-set-to-seal-plan-for-offshore-gas-exploration/
Source Id: 2025-03-655977592
