Instead of ENI: Ratio brings American partner for gas exploration in the Mediterranean

Ratio has brought in the American energy company Murphy as an equal partner in a natural gas exploration license off the coast of Israel, replacing Italian ENI which withdrew. The Ministry of Energy approved the license for Ratio, which it won in 2023, despite a delay of over three years, granting the companies 32 months for exploration and 36 months for drilling.

Ratio has brought in the American energy company Murphy as an equal partner in a natural gas exploration license in Israel's economic waters, replacing the Italian oil and gas giant ENI which withdrew. The Ministry of Energy officially granted Ratio the license it won in the fourth tender in mid-2023, despite a delay of over three years. According to the article, ENI delayed taking the license officially with the outbreak of the war, and the official explanation was a different decentralization decision of investments, but in practice pro-Palestinian groups pressured it. In May 2026, Ratio reported a partnership with a new international operator, but the announcement was delayed another six months, and the ministry acceded to Ratio's request and approved the license with the new partner. Also Dana Petroleum, another partner of Ratio, is not entering the exploration at this stage, and the license was taken by Ratio and Murphy in a 50-50 ratio in cluster G. The two companies have 32 months for active exploration and 36 months for an exploration drill. Murphy operates in the US, Canada, Vietnam, and Ivory Coast, and in early 2026 found an oil reservoir of 430 million barrels off the coast of Vietnam. Finding a new gas reservoir will allow greater competition in the local energy market amid a wave of power plant construction, and reduce pressure from export restrictions. Energy Minister Eli Cohen said that natural gas is a strategic asset, and that he seeks to expand exploration and bring international energy giants to invest in Israel.