ADNOC and BP team up on Israel acquisition
Israel
JERUSALEM, March 29, 2023 – BP and Emirati NOC ADNOC have partnered to acquire a stake in Israeli upstream player NewMed Energy for around USD 2 billion, the British energy giant announced on Tuesday.
The non-binding offer for a 50% share in the company is part of a plan for the two partners to pursue gas projects in the Mediterranean.
NewMed Energy holds a majority stake in the Chevron-operated Leviathan offshore field in Israel, which currently produces around 12 bcm (424 bcf) of gas per year.
The proposed second phase of the project is expected to almost double production to between 21 bcm (742 bcf) and 24 bcm (848 bcf), with 7 bcm (247 bcf) converted to LNG for export.
FID on the next phase is expected to take place in H2 2024.
NewMed Energy is majority owned by Israel’s Dalek Group.
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