BP and ADNOC offer USD 4 billion to buy NewMed
Gas giants British Petroleum and Abu Dhabi National Oil Company (ADNOC) have placed a USD 4 billion offer to purchase half of Israel’s NewMed Energy.
The participation of Emirati firm ADNOC is the latest sign of the quickening normalisation of relations between Israel and the UAE since their opening of diplomatic ties in 2020 and their signing of a free trade deal last year which takes effect next month.
NewMed, which holds 45% of Israel’s Leviathan offshore gas field, said the “non-binding indicative offer” had been received and that it had appointed an audit committee to examine the deal.
The cash purchase would include all of NewMed’s publicly held participation units, and a small number of participation units held by Israeli holding firm Delek, of which NewMed is a subsidiary.
If it succeeds, the deal is seen boosting the Israeli partnership’s plans for LNG exports to Europe and regional exploration.
