Tamar Gas Field (Delek Drilling Video)
Israel’s NewMed Energy has made yet another breakthrough for Israel and its growing relationship with the Arab world. The company signed a deal to explore offshore natural gas in the territorial waters of the Arab nation of Morocco. Morocco is one of the four Arab nations that entered into a peace agreement with Israel under the Abraham Accords, along with Sudan, Bahrain and the UAE.
Under the new agreement, NewMed will get a 37.5 percent stake in the Boujdour Atlantique exploration license, which covers fields in Morocco’s Atlantic Ocean waters as part of an 8 year license.
This is in addition to all of Israel’s own natural gas fields in the Mediterranean such as Karish and Leviathan.
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NewMed Energy, a unit of Israel’s Delek Group Ltd, was formerly known as Delek Drilling, but changed its name in February, 2022. In October the company announced plans to merge with Britain’s Capricorn Energy plc.
The agreements said NewMed, further grant the Partnership, Adarco and ONHYM the right to search for hydrocarbons in the area of the License for a term of 8 years, subject to compliance with a work plan, which may be extended in the event of discovery. The Partnership shall act as the operator of the License.
“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.
“We have long identified enormous potential in Morocco and today’s announcement is part of an extensive strategic move that will render NewMed Energy the leading energy body in the East Mediterranean region and North Africa,” NewMed CEO Yossi Abu said in a statement.
NewMed said the agreements are contingent on the receipt of approval from the Minister of Energy Transition and Sustainable Development and the Minister of Finance of Morocco and on approval by the general meeting of holders of the Partnership’s participation units (the “Meeting”). In the event that the Meeting’s approval is not obtained as required under the provisions of the Partnership Agreement and the bylaws of the Tel Aviv Stock Exchange Ltd. within 90 days of the signing date, these agreements will be rescinded.
NewMed Energy is Israel’s leading energy partnership in the exploration, development, production and sale of natural gas and condensate. The partnership previously named “Delek Drilling” is a subsidiary of the Delek Group.
NewMed Energy’s home court is the Eastern Mediterranean, where it has initiated the natural gas sector in Israel, and made history with its unprecedented agreements with Egypt, Jordan and the UAE which strengthened peace and increased stability in the Middle East. NewMed Energy has been a key partner in almost every gas discovery made in the last thirty years in Israel’s EEZ, and in the first natural gas discovery made in Cyprus’s EEZ.
NewMed Energy holds 45.34% of the Leviathan Reservoir, the largest gas reservoir in the Mediterranean, the Leviathan gas production serves as a key source of energy for the State of Israel and the countries of the region.
In accordance with its strategic policy, in the coming years NewMed Energy will invest in the development of new technologies to produce energy from alternative sources: production of blue hydrogen alongside carbon capture and storage, promotion of renewable energy projects, and more.
