NewMed Energy has announced the proposed combination with Capricorn Energy PLC. For more information, including access to the press release and presentation to analysts and investors, please click here:
In view of this, NewMed Energy sees great value in promoting commercial collaborations with bodies and companies in the Middle East.
The discovery of the Leviathan field, the largest natural gas reservoir in the Middle East, required NewMed Energy and its partners to form a marketing strategy which would enable the development of the reservoir and the production of natural gas.
The fact that the Tamar field, which had been discovered shortly beforehand by NewMed Energy, was designated to serve as an energy source for the Israeli economy, led to an understanding that the resources in Leviathan would be mainly designated for export.
NewMed Energy, together with its partners in the reservoir, formed a regional export strategy as a part of which agreements were signed for the export of significant quantities of natural gas from Leviathan to Israel’s neighbors in the Eastern Mediterranean. This strategy was the signal for the formulation of the most comprehensive and significant commercial agreements ever signed between commercial entities in Israel and companies in the Arab world.
As part of this strategy, in September 2016 an agreement was signed for the sale of natural gas from Leviathan to NEPCO, the National Electric Power Company of the Kingdom of Jordan.
In February 2018, the Leviathan partners signed an agreement for the supply of natural gas on a massive scale to customers in the Egyptian market.
A few months later, NewMed Energy deepened its collaboration with Egypt when it, together with Chevron and the Egyptian East Gas Company, acquired control of the transmission infrastructure which connects Egypt and Israel.
As part of its vision for regional relationships, NewMed Energy is deepening is relationships and collaborations with companies and entities in the Middle East. In this context, in December 2021, it closed the transaction for the sale of its holdings in the Tamar reservoir to Mubadala Petroleum, which was the largest transaction to date signed between companies from Israel and the UAE.