Israel has made a significant announcement on Sunday, declaring that it has awarded 12 licenses to six different companies. Notably, amongst the companies chosen, there is the British multinational oil and gas giant, BP plc. The move is a clear indication of Israel's increased advancement and focus on its energy sector. More details about the other companies and the implications of these awards will be discussed further.
1. Israel has awarded 12 licenses to six different companies, indicating its increased focus on the energy sector.
2. This announcement represents a significant advancement for Israel.
3. One of the companies awarded a license is the British multinational oil and gas giant, BP plc.
4. Other notable license recipients include Chevron Corp, Mubadala Petroleum, and TotalEnergies SE.
5. The Israeli Energy Ministry intends these licenses to create a competitive market, which theoretically can lead to reduced gas prices and benefit both consumers and the overall economy.
As of 2020, Israel has a proven reserve of around 200 billion cubic meters of natural gas.
The companies that were granted licenses include giants in the industry such as British multinational oil and gas firm BP plc. Other companies made privy to these licenses are Chevron Corp, Mubadala Petroleum, and French international oil and gas company TotalEnergies SE. These licenses, according to the Israeli Energy Ministry, are intended to create a competitive market, which, in theory, will lead to reduced gas prices, thus benefiting both the consumer and the overall economy.