Israeli Company Signs Major Energy Deal with Morocco

Israel's offshore Leviathan gas field in the Mediterranean Sea. (AP Photo/Ariel Schalit) AP Photo/Ariel Schalit

“We have recognized a huge potential in Morocco for collaborations in the natural gas and renewable energy sectors,” said CEO Yossi Abu.

By JNS.org

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.