Why NewMed could transform East Mediterranean gas to continental prominence – The National

Why NewMed could transform East Mediterranean gas to continental prominence – The National

For a region written off as devoid of petroleum until a decade and a half ago, the East Mediterranean has attracted a remarkable Rolodex of top international companies.

Adnoc joined that club on March 28, 2023, when it teamed up with BP to offer to buy half of NewMed Energy, an Israeli gas company. To make the most of this deal, the Abu Dhabi national champion must negotiate a complex diversity of corporations, countries and borders.

Adnoc and BP will form a new joint venture to develop gas outside the UAE, with this transaction as its first step.