For a region written off as devoid of petroleum until a decade and a half ago, the East Mediterranean has attracted a remarkable Rolodex of top international companies.
Adnoc joined that club on March 28, 2023, when it teamed up with BP to offer to buy half of NewMed Energy, an Israeli gas company. To make the most of this deal, the Abu Dhabi national champion must negotiate a complex diversity of corporations, countries and borders.
Adnoc and BP will form a new joint venture to develop gas outside the UAE, with this transaction as its first step.
NewMed’s main asset is its 45.34 per cent holding in Leviathan, the largest gasfield in Israel and the second-biggest in the eastern Mediterranean. It also holds 30 per cent of the Aphrodite gasfield offshore Cyprus.
The Adnoc-BP partnership will acquire the free float of NewMed on the Tel Aviv stock exchange, and additional shares from Delek, to own 50 per cent and take the company private. The deal is valued at about $2 billion.
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