Israeli energy firm signs joint natural gas exploration deal with Morocco

Israel’s NewMed Energy on Tuesday announced it has signed a deal with Morocco and Adarco Energy for offshore natural gas exploration and production licenses in the north African kingdom.

Under the terms of the agreements, NewMed and Adarco will each hold a 37.5 percent stake in the Boujdour Atlantique exploration license, located off the coast of Morocco in the Atlantic Ocean. Morocco’s National Office of Hydrocarbons and Mines will own the remaining 25%.

“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,” NewMed CEO Yossi Abu said in a statement. READ MORE