Israel’s NewMed signs joint gas exploration deal with Morocco

Illustrative: The Tamar gas field. (NewMed Energy/Delek Drilling)
Illustrative: The Tamar gas field. (NewMed Energy/Delek Drilling)

Israel’s NewMed Energy says it signed a deal with Morocco and Adarco Energy for offshore natural gas exploration and production in Morocco, Reuters reports.

NewMed and Adarco will each have a 37.5% stake in the Boujdour Atlantique license, NewMed says, while Morocco’s energy and mining ministry will hold the remaining 25%.

“For a long time now we have recognized a huge potential in Morocco for collaborations in both the natural gas and renewable energy sectors,” Reuters quotes NewMed CEO Yossi Abu as saying.

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