BP, Adnoc suspend $2bn Israel gas deal as war rages
BP and the United Arab Emirates’ state oil firm suspended a $2 billion bid to buy a major stake in Israel’s NewMed Energy as the war in Gaza upends politics across the region.
NewMed Energy
Norway ditches NewMed over investment, eyes Shell, Eni
In notes on its decision, Norway said NewMed’s investment in the licence “is not conducted in accordance with the wishes and interests of the people of Western Sahara, and because it contributes to maintain an unresolved situation for the area”.
Aphrodite partners downplay development progress
NewMed Energy, which has a 30% stake in the project, also took a more measured tone. The company said Chevron had asked to postpone the start of front-end engineering and design (FEED) work on Aphrodite.
BP, Adnoc urged to raise $2bn bid for NewMed stake
An independent committee evaluating BP and Abu Dhabi National Oil Co.’s roughly $2 billion offer for 50% of NewMed Energy has requested the oil and gas giants substantially increase their bid, people with knowledge of the matter said.
Rejecting Egypt route, Cyprus aims to capture more Aphrodite value
Pressure has been growing on the Cypriot government to increase local benefits, particularly given high electricity prices.
Chevron takes FID on Leviathan expansion
It will increase the throughput of gas from 1.2 billion cubic feet per day to nearly 1.4 bcf per day, or from 12 billion cubic metres per year to 14 bcm. The new gathering pipeline should reach first gas in the second half of 2025.
BP, Adnoc make take private offer for NewMed
BP said the offer was in line with its "stated strategy and financial frame including current guidance for capital expenditure".
No room to grow, independents face a returns squeeze
“The cost of getting things done is astronomically higher for oil and gas than for the greener projects,” he said. “In the longer term it’s bullish for prices, as not enough investment is going into the areas where it should be.”
NewMed invests in plan for Israeli LNG exports
The Israeli company has also talked about building a third gathering line at Leviathan, with a final investment decision (FID) due early this year.
Capricorn, NewMed abandon merger dream
Palliser has suggested that Capricorn should return at least $535 million to shareholders.
NewMed defends Capricorn deal, but considers options
However, the company said in closing, it would “continue to consider its alternative strategic options, with the objective of maximising value for its unitholders”.
Capricorn makes Palliser nominees an offer ahead of vote
Smith noted the opposition from shareholders to the Tullow merger. “The message from shareholders was that there was a preference for cash returns over long-term delivery. We listened to that and [the NewMed deal] offers a lot of cashback, while also being energy transition led.”
Capricorn faces EGM vote amid Palliser’s merger opposition
Capricorn noted that it had been working on “strategic alternatives” for more than a year. However, there have been no better options, it reported, and a sale is necessary to “maximise shareholder value and the full potential of Capricorn’s assets”.
NewMed signs up with Morocco for controversial exploration
NewMed Energy has signed up with Morocco to explore an area in the disputed Western Sahara.
Capricorn activist investor Palliser positioned to call shareholder vote on NewMed takeover
An activist investor seeking to halt Capricorn Energy Plc’s (LON: CNE) takeover by NewMed Energy LP has converted its holdings to common shares, according to people familiar with the matter.
NewMed signs up to supply Uniper with Israeli LNG
NewMed Energy has signed a non-binding memorandum of understanding (MoU) to supply natural gas, and develop blue hydrogen, for delivery into Europe with Uniper.
Capricorn deal rewards execs over shareholders, Palliser complains
Palliser Capital has joined criticism of Capricorn Energy’s proposed merger with NewMed Energy, saying it undervalues the Egypt-focused producer.
Monetise, don’t merge, shareholder tells Capricorn
Capricorn Energy should abandon its proposed merger with NewMed Energy and opt instead to liquidate its assets, a shareholder has said.
Capricorn announces merger with NewMed Energy, ditching Tullow
Capricorn Energy (LON: CNE) has ditched a tie-up with Tullow Oil (LON: TLW), instead unveiling a merger with NewMed Energy (TLV: NWMD).
Chevron tees up Aphrodite plan, as ministers talk maritime borders
Chevron and partners have signed up to develop the Aphrodite field, offshore Cyprus, with drilling due to start in the first half of 2023, while political talks are continuing.
Chevron, NewMed work on gas export options from Israel
Chevron and partners are keen to increase gas exports to Israel’s neighbours and have made a bid to secure all capacity in a proposed pipeline to Egypt.
NewMed signs MoU with Enlight on renewable energy plan
NewMed Energy has struck a memorandum of understanding (MoU) with Enlight Renewable Energy on developing projects in the Middle East and North Africa.
Delek rebrands as NewMed, eyes Morocco growth
Delek Drilling is relaunching as NewMed Energy as the company expands into new areas, such as blue hydrogen and renewable power.