ExxonMobil weighs entry into Israel's offshore gas exploration sector
The U.S. energy giant is considering joining the country's latest licensing round, potentially alongside Energean, as Israel seeks to attract new international investors.
American energy giant ExxonMobil is considering entering natural gas and oil exploration in Israel's economic waters as part of the fifth offshore licensing round launched earlier this week by the Ministry of Energy, Calcalist has learned.
Among the options under consideration is a partnership with Energean, which already produces natural gas from the Karish field. The two companies are already working together on offshore natural gas exploration near the maritime border between Greece and Italy under an agreement signed late last year.
The fifth offshore licensing round was announced this week by Energy Minister Eli Cohen. At a press conference, Cohen said that an international energy company on the scale of Chevron, or even larger, had expressed interest in participating in the tender, underscoring the confidence of global energy companies in Israel's offshore sector.
According to estimates by the Ministry of Energy, based on assessments by external consulting firms, Israel's economic waters still contain hundreds of billions of cubic meters (BCM) of undiscovered natural gas, with additional potential for oil discoveries in deeper geological formations. However, most of these resources are believed to be spread across relatively small reservoirs, making the discovery of another giant field on the scale of Leviathan unlikely.
Under the terms of the current licensing round, Energean is expected to enjoy a competitive advantage similar to that of new entrants. The company has already sold all of the natural gas reserves allocated from the Karish field, limiting its ability to sign additional long-term gas supply agreements and expand production from existing assets.
By contrast, Chevron and NewMed Energy, the partners operating the Leviathan field, are not permitted to participate in the current tender under the licensing rules.
Separately, the Natural Resources Administration at the Ministry of Energy on Thursday published its annual report, showing that government revenue from natural resources totaled NIS 1.98 billion in 2025, the vast majority generated from royalties on natural gas production.
The Leviathan field, operated by Chevron, NewMed Energy and Ratio, generated NIS 833 million in royalties after producing nearly 11 BCM of natural gas and condensate. Most of those revenues were driven by exports.
The Tamar field contributed NIS 675 million in royalties after producing approximately 10.5 BCM of natural gas and condensate.
The Karish field generated NIS 433 million in royalties. More than 70% of those revenues came from natural gas supplied to the domestic Israeli market, with the remainder generated from condensate exports.
According to the Ministry of Energy, the state collected approximately NIS 17 billion in royalties from natural gas companies between 2024 and 2025.
