Other Assets

In October 2023, NewMed Energy as part of a JV was awarded an Exploration block in the Israeli EEZ. The block defined as Zone I, consists of several exploration licenses.

The bidding process and Partners

In December 2022, the Israeli Ministry of Energy announced the bid for hydrocarbon exploration covering 5,888 km over four zones (E, G, H, I) in Israel’s Exclusive Economic Zone (EEZ). The bid included 20 exploration blocks under the 4th Offshore Bid Round (OBR4).

NewMed Energy teamed up with two international majors, SOCAR of Azerbaijan and the British Independent major BP, for a Joint Bidding Agreement (JBA) to participate in the 4th OBR. According to the agreement, the participating interests of the parties are distributed as follows: SOCAR (33.34%), bp (33.33%), and NewMed Energy (33.33%). SOCAR is set to act as the designated Operator on behalf of the JV and to execute exploration work programme activities.

The Parties submitted their bidding documentation for Blocks I, adjacent to the Leviathan gas field currently under production. On ground operation including seismic surveys as well data analysis is expected in 2024