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Israel's NewMed Energy looks to enter Moroccan market

Israel Materials 25 February 2022 16:51 (UTC +04:00)
Israel's NewMed Energy looks to enter Moroccan market

Israel's NewMed Energy is looking to join the exploration sector in Morocco after it developed natural gas fields in the eastern Mediterranean that supply Israel, Egypt and Jordan, the company's chief executive said on Tuesday, Trend reports with reference to Reuters.

NewMed, which changed its name from Delek Drilling, is one of Israel's largest energy companies. Most notably it is partners with Chevron in the massive gas field Leviathan offshore Israel that exports to Egypt and Jordan.

"NewMed Energy, together with international partners, is looking into the energy market in Morocco. Specifically natural gas exploration opportunities," chief executive Yossi Abu told Reuters.

He said the country's economy and its energy market offered a great potential. "It will be a stable ground for a long term investment."

Morocco joined a small group of Arab nations to normalize ties with Israel in 2020 in U.S.-sponsored agreements known as the Abraham Accords.

The agreements have already sparked one big energy deal, with Mubadala Petroleum, a unit of Abu Dhabi government-owned Mubadala Investment Company, buying a $1 billion stake in the Israeli gas field Tamar from NewMed.

Abu declined to give details on what specific projects the company had in mind. But he said it was targeting exploration in Morocco based on meaningful potential for local consumption and close proximity to the European market.

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