Israeli company Delek Drilling, the owner of natural gas resources in the East Mediterranean, is changing its name to NewMed Energy as it expands the Leviathan gas field, increases its exposure to the LNG market and pursues exploration licences in Morocco.
Chief Executive of former Delek Drilling and now of NewMed, Yossi Abu, said that the success in production from Leviathan in the past two years, and especially the successful realization of the regional exports, had in effect turned NewMed Energy into a leading energy entity of regional importance.
“Analyses showing the demand for natural gas (both regional and domestic) is rising constantly and justifies the expansion of production from the Leviathan field, in accordance with the approved development plans for 21 billion cubic metres annually,” said Abu.
“The second phase of Leviathan will concentrate on expansion of the infrastructures for the transmission of natural gas from the reservoir to additional consumers in its export markets along with exposure to global LNG,” stated the NewMed Energy CEO.
The company said it was also in an advanced process for the receipt of exploration licenses in Morocco as a leading partnership in its field with considerable professional knowledge and a proven track record in regional activity.
Morocco plans
“NewMed Energy has identified Morocco as a country with tremendous potential in both geological and commercial terms,” said the company.
“The board has authorized NewMed Energy's management to act, and it is currently in advanced negotiations for receiving exploration licenses in offshore Morocco, in both the Mediterranean and the North Atlantic Ocean,” stated NewMed Energy.
NewMed Energy CEO Abu said the launch of the new brand name was part of a strategic process.
“With Delek Drilling's well-known DNA, NewMed Energy will be an innovative and leading energy entity that will maximize the value of the existing core assets and promote significant processes such as the expansion of Leviathan and the development of the Aphrodite (Cyprus) reservoir, alongside the launch of exploration and production of natural gas in other countries in the Middle East,” stated the CEO.
“Exactly as Delek Drilling was, NewMed Energy will continue to be a key energy anchor in the region, with the aim of giving our investors both a stable dividend yield and growth,” Abu declared.
NewMed Energy stated that the “natural gas revolution in Israel” which continues with the Leviathan field, has led to a reduction of around 70 percent in pollution as a result of gas-fired electricity generation in Israel, and to a significant reduction in greenhouse-gas emissions.
“A reduction in air pollution can also be seen in Egypt and Jordan, countries to which gas from Leviathan is exported,” it added.
