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Israel’s NewMed Signs Deal with Morocco to Look for Gas

December 7, 2022

by: JNS

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Israel’s Leviathan gas-processing rig near the Israeli city of Caesarea

Wednesday, 7 December 2022 | Israel’s NewMed Energy announced on Tuesday a partnership with Morocco’s energy and mining ministry and Adarco Energy for offshore natural gas exploration and production in the North African nation.

“For a long time now, we have recognized a huge potential in Morocco for collaborations in both the natural gas and renewable energy sectors,” NewMed CEO Yossi Abu said in a statement.

According to NewMed, each company will own 37.5% of the Boujdour Atlantique license. The ministry will hold the remaining 25%.

The Boujdour Atlantique license is located in the southern portion of Morocco’s offshore economic zone and was awarded for eight years, according to the firm.

NewMed is a significant shareholder in Israel’s massive Leviathan offshore gas field and is in talks to merge with Capricorn Energy to form a gas producer for Israel and Egypt.

Previously named Delek Drilling, NewMed Energy is a subsidiary of the Delek Group.

Posted on December 7, 2022

Source: (This article was originally published by the Jewish News Syndicate on December 6, 2022. Time-related language has been modified to reflect our republication today. See original article at this link.)

Photo Credit: Marc Israel Sellem/POOL/jns.org

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