Israel’s NewMed Signs Offshore Gas Exploration Deal with Morocco
- December 7, 2022
- Posted by: Quatro Strategies
- Category: Energy
Israel’s NewMed Energy announced on Tuesday that it signed an agreement with Moroccan energy and mining ministry and Adarco Energy to explore and produce offshore natural gas in Morocco. Both NewMed and Adarco will have 37.5% stakes in the Boujdour Atlantique license, with the Moroccan state holding the remaining 25%.
“For a long time now we have recognised a huge potential in Morocco for collaborations in both the natural gas and renewable energy sectors,” NewMed CEO Abu said.
NewMed also said the Boujdour Atlantique license is in the southern part of the North African nation’s offshore economic zone and was granted for eight years.
It added that the first phase will be to begin surveys of the prospect and then start exploratory drilling in about two and a half years. The deal still requires regulatory approval in Morocco.
NewMed, previously known as Delek Drilling, is a main stakeholder in Israel’s huge Leviathan offshore gas field and is looking for a merger with Britain’s Capricorn Energy to create a gas producer focused on Israel and Egypt.
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