Baku is increasing its power technique past Central Asia by solidifying its presence in Israel.
Azerbaijan is about to extend its involvement in Israel’s power sector, following a go to by Azerbaijani officers to Jerusalem.
A delegation led by Mikayil Jabbarov, Azerbaijan’s minister of the financial system, not too long ago held talks in Israel to finalise a key gasoline exploration deal.
The Azerbaijan State Oil Firm (SOCAR) was awarded exploration rights by Israel in 2023. Nonetheless, progress within the exploration of pure gasoline off the Israeli coast has been delayed by the battle in Gaza, which started in October 2023.
On Monday, Israel granted exploratory licences to a consortium consisting of Azerbaijan’s SOCAR, the UK’s BP and Israel’s NewMed Power.
SOCAR will seek for gasoline in Zone I, a 1,700 sq. kilometre space within the north of Israel’s financial waters.
This will probably be SOCAR’s first drilling enterprise outdoors of Azerbaijan.
A memorandum of understanding was additionally signed between SOCAR and the Israeli firm Union Power on joint exploration actions in Israel’s Unique Financial Zone (EEZ), Jabbarov mentioned.
In a separate growth, SOCAR introduced on 31 January that it had signed an settlement with Union Power to accumulate a ten% stake within the Tamar venture, one of many largest offshore gasoline fields within the Mediterranean.
SOCAR invests in Israel’s Tamar offshore gasoline area and is now increasing its involvement with new exploration licenses.
