Petroleum Africa
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Wednesday, December 7, 2022
Israel’s NewMed Energy has gained a stake in the the Boujdour Atlantique license, offshore Morocco. Under the terms of the agreement NewMed Energy and Moroccan energy company Adarco will each hold 37.5% stakes in this highly prospective exploration play in the Atlantic Ocean.
The Office National des Hydrocarbures et des Mines (ONHYM) will hold a 25% stake in the license, while NewMed and Adarco will be the operating partnership.
The deal brings some controversy as the exploration area is located in the long-disputed Western Sahara territory.
NewMed CEO Yossi Abu said, “We have long identified enormous potential in Morocco and today’s announcement is part of an extensive strategic move that will render NewMed Energy the leading energy body in the East Mediterranean region and North Africa. We are maximizing the value from our core assets alongside expansion of the existing business, launching natural gas exploration and production activity in other countries and developing alternative energy operations.”
Pictured: Yossi Abu, CEO of NewMed and Amina Behkhadra, Director General of ONHYM
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