Israeli oil and natural gas exploration company, Delek Drilling, is relaunching as NewMed Energy following its expansion into new areas, including blue hydrogen and renewable energy sources, aiming to target the Moroccan market.
NewMed will be “an innovative and leading energy entity that will maximize the value of existing base assets and drive important processes such as the Leviathan expansion and the development of the reservoir of Aphrodite, alongside the launch of natural gas exploration and production in other Middle Eastern countries,” the CEO of the company, Yossi Abu, announced on February 23.
Leviathan field operations began at the end of 2019. The first phase of the project has a capacity of 1.2 billion cubic feet per day. The expansion plans would nearly double the capacity to 2.1 billion cubic feet per day.
It is most likely that the gas will be used for Israeli domestic consumption, exported to Jordan, and finally liquefied in Egypt, assuming existing supplies are maintained from the field, international media reports.
This next phase of NewMed’s development will primarily focus on reaching an investment decision. The decision may be reached by the end of the year, according to local sources.
NewMed has chosen Morocco as a growth area in addition to its local plans. A license is being negotiated by the company to explore the Atlantic and Mediterranean oceans off the coast of North Africa.
The Israeli company chose Morocco due to its attractive investment options and its proximity to Europe, the same source states.
“NewMed Energy aspires to be a leader in the alternative energy industry, primarily the production of blue hydrogen from natural gas, as well as carbon capture and entry into renewable energy. Exactly as Delek Drilling was, NewMed Energy will continue to be a key energy anchor in the region, with the aim of providing our investors with both a stable dividend yield and growth,” the CEO said.
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