Murphy Oil and Ratio Energies have been awarded six offshore gas exploration licenses in Israel's Zone G, marking Murphy's first entry into the region with a 36-month mandate to drill an exploration well.
Israel's Energy Ministry awarded Murphy six offshore gas licenses (Zone G, ~1,700 sq km, 25 km southwest of Leviathan) with Murphy as operator holding 50% alongside Ratio Energies. This is Murphy's first Eastern Mediterranean entry, giving exposure to a region the Atlantic Council says could support 30-40 bcm of annual exports. The partners have 36 months to drill a well, so value creation depends on future exploration success, limiting the immediate price effect.
Ratio Energies holds the other 50% of the newly awarded Zone G licenses and already holds a 15% stake in Leviathan, which supplies Egypt under a $35 billion export contract. The license award adds exploration acreage near its producing asset. As with Murphy, the 36-month drill commitment makes this an early-stage addition rather than an immediate earnings driver.
Murphy Oil has entered the Eastern Mediterranean market by securing six offshore gas exploration licenses in Zone G, located 25 kilometers from the Leviathan field. Partnering with Ratio Energies, the firm holds a 50% stake in the 1,700-square-kilometer area, with a 36-month commitment to drill an exploration well. The move follows Eni's withdrawal from the project and highlights the strategic value of Israeli gas as a secure alternative to Gulf supplies.
Six offshore natural gas exploration licenses (Zone G) covering about 1,700 square kilometers roughly 25 kilometers southwest of Leviathan, operated by Murphy with a 50% stake alongside Israel's Ratio Energies.
No. The partners have 36 months to drill an exploration well, so any production impact lies years away and depends on the well finding gas.
A 50% non-operated stake in six offshore licenses covering about 1,700 square kilometers near Leviathan, on top of its 15% stake in Leviathan itself.