Delek Drilling, the Israeli energy Oil & Gas Company has expressed its keenness to to secure exploration permits extending to both Morocco’s Mediterranean Sea and Atlantic Ocean coasts.
· Delek Drilling that has recently changed its name to NewMed Energy controls significant offshore oil and gas reserves in the North Sea through its Ithaca Energy subsidiary.
Delek Drilling, the Israeli energy Oil & Gas Company has expressed its keenness to secure exploration permits extending to both Morocco’s Mediterranean Sea and Atlantic Ocean coasts. The CEO of the company Yossi Abu remarked that the company regards Morocco as having significant geological and commercial potential. He observed that political and regulatory stability is pushing Morocco’s green transition to produce electricity from gas rather than coal.
Delek Drilling that has recently changed its name to NewMed Energy controls significant offshore oil and gas reserves in the North Sea through its Ithaca Energy subsidiary. The Israeli company proposes to enter the liquified gas business, to strengthen its foothold in the Middle East and North Africa (MENA) region through regional cooperation. NewMed also plans to invest in developing technological assets with the objective of reducing its carbon footprint.
The company has a record of unlocking eight natural gas reservoirs, including some of the largest in the world. It struck a $1 billion deal with Abu Dhabi’s state-held Mubadala in 2021 by taking a 22% stake in the offshore Tamar gas field on the Israeli coast. The company’s future expansion plans include boosting gas exports to Egypt via Jordan.
The development came soon after Morocco and Israel decided to boost economic ties. The bilateral trade has already doubled over the past year, increasing from $70 million in 2020 to $130 million in 2021 with plans to touch $500 million or more.
