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Israel’s NewMed signs deal with Morocco to look for gas

"We have recognized a huge potential in Morocco for collaborations in the natural gas and renewable energy sectors," said CEO Yossi Abu.

Israel's Leviathan gas-processing rig near the Israeli city of Caesarea, Jan. 31, 2019. Photo by Marc Israel Sellem/POOL.
Israel's Leviathan gas-processing rig near the Israeli city of Caesarea, Jan. 31, 2019. Photo by Marc Israel Sellem/POOL.

Israel’s NewMed Energy announced on Tuesday a partnership with Morocco’s energy and mining ministry and Adarco Energy for offshore natural gas exploration and production in the North African nation.

“For a long time now, we have recognized a huge potential in Morocco for collaborations in both the natural gas and renewable energy sectors,” NewMed CEO Yossi Abu said in a statement.

According to NewMed, each company will own 37.5% of the Boujdour Atlantique license. The ministry will hold the remaining 25%.

The Boujdour Atlantique license is located in the southern portion of Morocco’s offshore economic zone and was awarded for eight years, according to the firm.

NewMed is a significant shareholder in Israel’s massive Leviathan offshore gas field and is in talks to merge with Capricorn Energy to form a gas producer for Israel and Egypt.

Previously named Delek Drilling, NewMed Energy is a subsidiary of the Delek Group.

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