BP and Abu Dhabi’s state oil giant on Tuesday offered to jointly acquire 50 per cent of Israeli offshore natural gas producer Newmed Energy for around $2bn, making their entry into Israel’s growing energy sector.
Abu Dhabi National Oil Co (ADNOC) and BP said they intend to form a new joint venture as part of the deal that will be “focused on gas development in international areas of mutual interest including the East Mediterranean.”
The gas-rich offshore basin straddling Egypt, Israel, Cyprus and Lebanon has drawn some the world’s top energy companies in recent years, particularly as Europe scrambles to secure supplies to replace Russian gas in the wake of Moscow’s invasion of Ukraine.
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