Latest news with #NewMedEnergy
Asharq Al-Awsat
18-03-2025
- Business
- Asharq Al-Awsat
Israel Awards Natural Gas Exploration Licenses to BP, Socar and NewMed
Israel awarded licenses to BP, Azeri national oil firm Socar and local company NewMed Energy on Monday to explore natural gas in Israeli waters as the country seeks to boost domestic gas reserves and expand exports. In 2023 the trio jointly placed a bid for two offshore blocks in a fourth licensing round. Israel's Energy Ministry said that additional licenses are expected to be granted and a fifth bidding round is planned for later this year, according to Reuters. As part of the licenses for the so-called Cluster I near the Leviathan field, Socar will act as operator of the exploration consortium while BP will be involved in Israel's natural gas sector for the first time. NewMed is already the largest stakeholder in Leviathan, the giant offshore field operated by Chevron. Each company will hold about a third of the rights in each license. Cluster I is a 1,700 sq km area located in the Mediterranean at the northern part of Israel's economic waters. The consortium is expected to conduct seismic and geological surveys in the first phase of exploration, with drilling in a second phase based on survey results. 'Natural gas is a strategic asset that strengthens our economic and diplomatic standing worldwide, particularly in the Middle East,' said Energy Minister Eli Cohen. 'That's why we are working to expand natural gas production for both the domestic market and exports, especially in these times.' The gas-rich offshore basin straddling Egypt, Israel, Cyprus and Lebanon has drawn some of the world's top energy companies in recent years, particularly as Europe scrambles to secure supplies to replace Russian gas in the wake of Russia's invasion of Ukraine. Israel is positioning itself as a regional energy hub and has committed to supplying natural gas to Europe, which has been diversifying away from Russia. Exploration for oil and gas resources is a high-risk, high-reward business that includes seismic surveys and the drilling of wells, a process that can take several years. The ministry reported this month that Israel's natural gas exports to Egypt and Jordan rose 13.4% in 2024.
Ya Biladi
16-03-2025
- Politics
- Ya Biladi
PJD denounces energy deal with Israeli firm off the Sahara
The Justice and Development Party (PJD) strongly opposes the agreement signed between Morocco and an Israeli company for oil and gas exploration in the Sahara. This stance was expressed in a statement released by the party's General Secretariat on Saturday, March 15. In their statement, the Islamists described NewMed Energy as a «Zionist company» and see the agreement as further evidence of «the continuous Zionist infiltration in our country». The PJD also condemns the participation of «ministers, officials, and delegations from the criminal Zionist entity» in official events organized by Morocco, citing the 7th edition of the Halieutis International Fair in Agadir and the 4th edition of the Global Ministerial Conference on Road Safety in Marrakech. Notably, just weeks after Morocco and Israel resumed diplomatic relations—formalized on December 10, 2020—the Moroccan government initiated negotiations with Israeli authorities to explore cooperation in the energy sector. At the time, the government was led by Saad-Eddine El Othmani, with Aziz Rabbah, also a PJD member, serving as Minister of Energy and Mines.
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.
