Israel has released a new bid round for offshore natural gas exploration licenses as it moves to aid Europe and boost its position as a regional energy hub.

Israel’s Ministry of Energy has mapped around 25 exploration blocks in the Mediterranean Sea that will be grouped into six clusters for bid. The process could officially open within the next few months, according to the Israeli government.

Israel’s Karine Elharrar, minister of energy, announced the ministry had decided to move forward with the country’s fourth round of bids since it began offering offshore exploration licenses in 2017. In her announcement, Elharrar said that her office had been “focused on promoting renewable energies” for the past year, but is “now gearing up to help Europe diversify its sources...