Page 11 - MEOG Week 08 2022
P. 11
MEOG PROJECTS & COMPANIES MEOG
Delek Drilling becomes
NewMed Energy
ISRAEL ISRAEL’S Delek Drilling this week rebranded environmental, transparency and corporate
itself as NewMed Energy, announcing plans to responsibility practices, and adopting measur-
enter the Moroccan upstream while continu- able targets for its environmental footprint and
ing to leverage its strong position in the Eastern positive impact.”
Mediterranean. According to a press release in mid-2021,
The new UK-based company will oversee the current owner Delek Group will continue to
company’s oil and gas assets as it seeks to become hold a 54.71% stake in NewMed, with shares to
more attractive to international investors ahead be dual-listed on the London and Tel-Aviv stock
of a planned initial public offering (IPO). exchanges after the IPO.
During a launch event, NewMed CEO Yossi Its ownership will be moved to NewMed
Abu emphasised plans for the expansion of Isra- Energy and Delek Drilling will cease trading as a
el’s giant Leviathan gas field to produce 21bn limited partnership. NewMed’s assets comprise
cubic metres per year, with the field’s second equal 45.33% stakes in Leviathan, and the East
phase focusing on “expansion of the infrastruc- Med Gas (EMG) pipeline stakes, as well as 30%
tures for the transmission of natural gas from the in Cyprus’ 3.5 trillion cubic foot (10 bcm) Aph-
reservoir to additional consumers in its export rodite gas field and the onshore Israeli New Ofek
markets along with exposure to the global LNG”. and New Yahel licences. It will also receive royal-
Meanwhile, the company said it is in “an ties from the Karish and Tanin fields, which were
advanced process for the receipt of [offshore] sold to fellow London-listed Energean in 2016.
exploration licences in Morocco as a leading The Leviathan partners agreed in January to
partnership” covering acreage in the Mediterra- spend around $235mn to construct the EMG
nean and North Atlantic. pipeline allowing for direct gas exports from the
Abu told Reuters: “NewMed Energy, together assets to Egypt.
with international partners, is looking into the In September, Delek finalised the sale of its
energy market in Morocco, specifically natural 22% stake in the Tamar gas field to Abu Dhabi’s
gas exploration opportunities.” Mubadala Petroleum for around $1bn.
Meanwhile, NewMed outlined plans to This saw it meet a mid-December deadline
launch an alternative energy division that will for divesting the stake in order to comply with
produce blue hydrogen and develop carbon cap- a controversial anti-trust settlement reached
ture projects. It added: “NewMed Energy is also in 2015, allowing it to retain the Leviathan
undertaking the most advanced international shareholding.
Week 08 23•February•2022 www. NEWSBASE .com P11
