BP and Adnoc bid a further twist in Leviathan tale
Could the NOC/major play for Newmed stake precipitate further changes to the Israeli field’s expansion roadmap?
Israeli independent Newmed Energy’s late-February announcement of an almost $100mn investment by partners in the Leviathan gas field in a pre-Feed expansion study seemed a conclusion of sorts to its development story. But a late March swoop by Abu Dhabi’s state-owned Adnoc and BP for a 50pc interest in Newmed—the field’s largest shareholder—might muddy the waters again. The NOC and major have proposed taking listed Newmed private by hoovering up its 45pc free float and taking a further 5pc ownership from current parent Delek. The two firms will “form a new joint venture that will be focused on gas development in international areas of mutual interest, including the East Mediterranean”. There

Also in this section
24 June 2025
The country’s latest licensing round attracted bids from IOCs and NOCs in a better showing than its last outreach to bidders
24 June 2025
Africa’s second-largest oil producer is creating the right conditions for the sector to try to boost output, explains Ian Cloke, COO of UK-based Afentra
24 June 2025
The takeover, if it gets the all-clear from regulators and other government authorities, would propel XRG and its parent firm ADNOC into the top tier of global LNG players
23 June 2025
Jet fuel will play crucial role in oil consumption growth even with efficiency gains and environmental curbs, with geopolitical risks highlighting importance of plentiful stocks