Latest news with #YossiAbu
Ya Biladi
12-03-2025
- Business
- Ya Biladi
Morocco partners with Israeli firm for Sahara offshore oil and gas exploration
On March 11, Israel's NewMed Energy and Morocco's Adarco jointly secured significant rights to explore and produce oil and gas off the coast of Boujdour. According to media sources, NewMed Energy, owned by Israeli billionaire Yossi Abu, and Adarco, led by Moroccan-Jewish businessman Yariv Elbaz, will each receive a 37.5% stake in the exploration rights for approximately 30,000 square kilometers of offshore territory. Meanwhile, Morocco's National Office of Hydrocarbons and Mines will retain a 25% share, reflecting the government's continued involvement and oversight of energy resources. Yossi Abu expressed optimism about Morocco's energy potential, stating, «We see great potential in Morocco since the resumption of relations, and this announcement aligns with our strategic ambition to expand our activities in the Mediterranean and North Africa». Efforts to explore oil in the area between the Moroccan coast and the Canary Islands have long faced obstacles. Spanish company Repsol previously conducted exploratory operations around the Canary Islands but did not find sufficient quantities to justify commercial production. Geological challenges were not the only factors casting doubt on the region's potential; the Spanish government also imposed environmental restrictions that limited hydrocarbon exploration activities.
Reuters
23-02-2025
- Business
- Reuters
Leviathan partners eye big expansion of natgas field for Israel and export
JERUSALEM, Feb 23 (Reuters) - Partners in the Israeli Leviathan offshore natural gas project have submitted a multi-billion dollar plan with the government to significantly expand the field and boost production, one of the partners in the group said on Sunday. NewMed Energy ( opens new tab said its plan that it filed with the Energy Minister's Petroleum Commissioner calls for the drilling of three additional production wells, more undersea systems and expansion of processing facilities on the platform that will increase total gas production capacity to 21 billon cubic meters (bcm) a year and cost an estimated $2.4 billion. Leviathan, a deep-sea field with huge deposits, came online at the end of 2019 and produces 12 bcm of gas per year for sale to Israel, Egypt and Jordan. That will rise to some 14 bcm in 2026 with the completion of laying of a third pipeline. A second stage, NewMed said, would see the drilling of additional production wells and possibly lay a fourth pipeline between the field and platform and raise the maximum daily production capacity by 2 bcm a year to a total of 23 bcm annually. The partners are seeking to sign new supply deals to customers in Israel and abroad of more than 100 bcm. NewMed noted that the partners have already approved a budget of $505 million that included the purchase of equipment. "The Leviathan reservoir is the most stable and strongest energy hub in the Mediterranean," said Yossi Abu, CEO of NewMed Energy. "The expanded production capacity will meet the increasing demand in the domestic market, in addition to bolstering Israel's status as an energy provider and strengthening regional ties and collaborations". Leviathan partners also include Chevron (CVX.N), opens new tab and Ratio Energies ( opens new tab.
