Delek's NewMed Energy signs Morocco energy exploration deal

Delek’s NewMed Energy signs Morocco energy exploration deal

Under the terms of the agreement Israel’s NewMed Energy and Adarco will each hold 37.5% stakes in the Boujdour Atlantique offshore license.

Delek Group Ltd. (TASE:DLEKG) Mediterranean energy exploration unit NewMed Energy (TASE: NWMD), formerly Delek Drilling, and Moroccan energy company Adarco have signed agreements for oil and natural gas exploration and production activities in the Boujdour Atlantique exploration license, which is situated in the Atlantic Ocean off the coast of Morocco.

Delek in talks for Morocco energy exploration licenses

Under the terms of the agreement NewMed Energy and Adarco Energy will each hold 37.5% stakes in the Boujdour Atlantique offshore license with the Moroccan government’s National Office of Hydrocarbons and Mines retaining the other 25%.

NewMed CEO Yossi Abu said, “We have long identified enormous potential in Morocco and today’s announcement is part of an extensive strategic move that will render NewMed Energy the leading energy body in the East Mediterranean region and North Africa. We are maximizing the value from our core assets alongside expansion of the existing business, launching natural gas exploration and production activity in other countries and developing alternative energy operations.”

Published by Globes, Israel business news – en.globes.co.il – on December 6, 2022.

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