Israeili Firm Signed Natural Gas Exploration Deal with Morocco

SEATTLE (Oil Monster): Israel-based NewMed Energy announced that it has signed a natural gas exploration deal with Morocco and Adarco Energy. The landmark deal is subject to Morocco’s ministry of energy transition and sustainable development and ministry of finance.

According to the terms of the deal, NewMed and Adarco will hold 37.5% stake each in the Boujdour Atlantique natural gas exploration license, located off the coast of Morocco, The remaining 25% stake will be owned by Morocco’s National Office of Hydrocarbons and Mines.

ALSO READ:

Ineos Inked Long-Term Sales and Purchase Agreement with Sempra

California Requires Permits for Large Natural Gas Projects

The license, which is valid for a period of eight years of exploration, includes prospects for new gas and oil discoveries in the region. A geological and geophysical analysis will be performed in the area of interest within 2.5 years from the grant of license. The initial exploration drilling is scheduled to begin 2.5 years after that.

In a statement, Yossi Abu, CEO, NewMed Energy said that the deal is part of a strategic move that will transform the company into a leading energy body in the entire East Mediterranean region and North Africa.

It must be noted that NewMed holds key stakes in Israeil’s Leviathan offshore the Mediterranean coast.