Murphy Oil Bets on Israeli Gas Near Leviathan

Israel’s Energy Ministry on Monday awarded six offshore natural gas exploration licenses to Houston-based Murphy Oil and Israel’s Ratio Energies, eight months after the war with Iran forced Israel to shut its biggest gas field. The Zone G licenses cover about 1,700 square kilometers of seabed roughly 25 kilometers southwest of Leviathan. Murphy will operate the licenses, and each partner holds 50%.

S. operator in Israeli waters. Murphy replaces Italy’s Eni, which won Zone G with Ratio and Korea-owned Dana Petroleum in October 2023, delayed accepting the license after the Gaza war began that month, and later withdrew. Eni cited a reallocation of investments, and the Israeli financial daily Globes reported that political pressure also weighed on the decision.