ADNOC, BP bid to take 50% of NewMed Energy

ADNOC, BP bid to take 50% of NewMed Energy

British oil company BP and Abdu Dhabi’s ADNOC announced their offer to take 50% in Israeli offshore natural gas producer NewMed Energy for around $2 billion.

The two giants said that they are to create new joint venture to focus on gas development in international locations, including the Middle East.

NewMed’s outstanding stock currently estimated at $US1.17 billion, with a value at US$3.94 billion. 

NewMed Energy is a subsidiary of Delek Group, holding 45.34 per cent of the Leviathan Reservoir. Last year, Abu Dhabi’s Mubadala Petroleum acquired a 22 %  stake in Delek Drilling in the east Mediterranean Tamar gas field at  about $1 billion.

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