Regional Ties

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.

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.