Delek Drilling becomes NewMed Energy (company PR pic: Shlomi Yosef)
NewMed Energy, an energy firm and a unit of Israel’s Delek Group Ltd, is in play. BP together with Abu Dhabi National Oil Company (ADNOC) is making a move to acquire the firm.
BP said that together with ADNOC it had made a non-binding offer to take NewMed Energy private through an acquisition of the free float and a partial acquisition of Delek’s stake, which would result in BP and ADNOC holding 50% of NewMed Energy. BP stated that the two firms intend to form a new joint venture that will be focused on gas development in international areas of mutual interest including the East Mediterranean. Israel has a number of offshore gas fields in that area.
BP said that if the proposed transaction with NewMed Energy succeeds it would be a “significant first step in establishing this dynamic joint venture together with ADNOC.”
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Formerly known as The British Petroleum Company, BP is a British multinational oil and gas company headquartered in London, England, and is one of the world’s largest energy firms, operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation,
Founded in 1971, ADNOC is a diversified energy group, wholly owned by the Abu Dhabi Government of the United Arab Emirates. Its network of fully-integrated businesses operate across the energy value chain, helping us to “responsibly meet the demands of an ever-changing energy market.”
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.
Just last December, NewMed Energy 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 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.
