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.