08:29 AM EDT, 03/17/2025 (MT Newswires) -- BP (BP) along with Azerbaijan's national oil company Socar and Israeli firm NewMed Energy were granted licenses to explore for natural gas in 1,700 square kilometers of Mediterranean Sea waters near the Leviathan field, , Reuters reported Monday.

The three companies placed a bid for the offshore blocks in a licensing round in 2023, the report said

Socar will serve as operator of the exploration consortium while BP will make its first foray into Israel's natural gas sector, the report said

NewMed is the largest stakeholder in Leviathan, the offshore field operated by Chevron ( CVX ) , the report said.

Each company will hold about a third of the rights in the licence, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)