NewMed Energy

Name

NewMed Energy

Legal name

NewMed Energy – Limited Partnership

Website

https://newmedenergy.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

51–100 employees

Short description

NewMed Energy is Israel's leading energy partnership focused on offshore natural gas exploration, development, and production in the Eastern Mediterranean. It holds 45.34% of Leviathan, the Mediterranean's largest gas field, exporting to Egypt, Jordan, and the region.

Ownership category

akta.pro rank

Product category

Natural Gas Exploration and Production

NAICS

Fuel Dealers (45721), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

akta.pro secondary industries

Oil & Gas Facilities Asset Management (Refining/Terminals/LNG) (EUAEAMAG), Natural Resources — Energy & Mineral Resources (FSAAAKAJ), Development Management & Owner’s Engineering (Design Basis, Yield, Technical Due Diligence) (EUAMAAAG)

Keywords

• Natural gas exploration
• Offshore gas production
• Hydrocarbon exploration
• Energy partnership
• Gas field development

Headquarters

HQ city

Herzliya

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Natural Gas Sales: NewMed Energy generates revenue primarily from the sale of natural gas produced from the Leviathan field. Gas is sold under long-term contracts to domestic Israeli customers (Israel Electric Corporation, industrial users) and regional export customers (Egypt, Jordan). Contracts typically feature take-or-pay provisions ensuring minimum revenue. The landmark $35 billion agreement with Egypt for 130 BCM over 15 years represents the largest export transaction in Israel's history.
2. Condensate Sales: Alongside natural gas production, NewMed Energy sells condensate extracted from the gas fields. Condensate is sold to refineries and petrochemical companies. The company has established agreements with companies like Ashdod Refinery for condensate offtake.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

NewMed Energy is Israel's leading energy partnership engaged in the exploration, development, production and sale of natural gas and condensate from offshore reservoirs in the Eastern Mediterranean. The company holds a 45.34% working interest in the Leviathan field, the largest gas reservoir in the Mediterranean, and a 30% interest in the Aphrodite field in Cyprus EEZ. It sells gas domestically to the Israel Electric Corporation and industrial users, and exports under long-term contracts to Egypt (130 BCM over 15 years, ~$35 billion), Jordan via NEPCO, and other regional customers.

Product overview

NewMed Energy is an Israeli energy partnership (formerly Delek Drilling) focused on the exploration, development, production and sale of natural gas and condensate in the Eastern Mediterranean. The company operates a portfolio of producing and development-stage assets anchored by the Leviathan field (45.34% stake, Mediterranean region), the Aphrodite field in Cyprus (30% stake), and various exploration licenses in Israel, Morocco, and Bulgaria. A $2.36 billion expansion of Leviathan Phase B is underway to increase production capacity to 21 bcm annually by 2029. The company has pivoted toward diversification through alternative energies including hydrogen production and carbon capture and storage, while continuing regional gas exports to Egypt, Jordan, and UAE under long-term agreements totaling approximately $35 billion. The portfolio spans production assets, development projects, and exploration opportunities.

Differentiator

Problem solved

Functional benefit

Products and services

• Leviathan Natural Gas Field
• Leviathan Phase B Expansion
• Aphrodite Natural Gas Field
• Alternative Energies (Hydrogen, CCS, Renewables)

Quantifiable outcome

• 70% reduction in pollutant emissions from power generation in Israel from 2013-2020 due to natural gas transition
• +5 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered exploration, strategic and core.

• OMV Offshore BulgariaexplorationStrategic or Co-development Partner · 3 April 2026NewMed Energy Balkan partnered with OMV Offshore Bulgaria and Bulgarian Energy Holding EA to explore the Krum-1 well in the Black Sea. The well was drilled but found no significant gas volumes, with the partnership continuing to analyze results and costs.
• SOCAR (Azerbaijan State Oil Company)strategicStrategic or Co-development Partner · 30 October 2023SOCAR partnered with NewMed Energy (33.33%) and BP (33.33%) in a Joint Bidding Agreement for the 4th Offshore Bidding Round (OBR4), awarded six exploration licenses in Cluster I within Israel's EEZ. SOCAR acts as the designated operator. Licenses are adjacent to the producing Leviathan field.
• BPstrategicStrategic or Co-development Partner · 30 October 2023BP partnered with NewMed Energy (33.33%) and SOCAR (33.33%) in a Joint Bidding Agreement for the 4th Offshore Bidding Round (OBR4), awarded six exploration licenses in Cluster I within Israel's EEZ. The partnership leverages BP's global upstream expertise and NewMed Energy's regional knowledge.
• Enlight Renewable Energy LtdstrategicStrategic or Co-development Partner · 13 March 2023NewMed Energy signed detailed agreements with Enlight Renewable Energy and the CEO to enter the renewable energy sector. NewMed is exploring and investing in major renewable energy projects in attractive regions globally, leveraging its knowledge, capabilities, and regional market relationships.
• Adarco EnergyexplorationStrategic or Co-development Partner · 6 December 2022NewMed Energy signed agreements with Adarco Energy and Morocco's National Office of Hydrocarbons and Mines (ONHYM) to explore the Boujdour Atlantique license off Morocco's Atlantic coast. NewMed holds 37.5%, Adarco 37.5%, and ONHYM 25%. First exploration well scheduled approximately 2.5 years after license grant.
• Mubadala Petroleum (Abu Dhabi)strategicStrategic or Co-development Partner · 1 December 2019NewMed Energy sold its holdings in the Tamar reservoir to Mubadala Petroleum of Abu Dhabi in December 2021 for approximately $1 billion, marking the largest transaction between Israeli and UAE companies following the Abraham Accords normalization agreements.
• Government of CypruscoreStrategic or Co-development Partner · 1 November 2019The Government of Cyprus granted the Aphrodite partners a 25-year production license (with option to extend 10 years) and approved the outline for field development. The Cypriot government continues to support negotiations between Aphrodite partners and Egypt for gas export arrangements.
• Egyptian East Gas CompanycoreStrategic or Co-development Partner · 1 February 2019NewMed Energy, together with Chevron and Egyptian East Gas Company, acquired control of the EMG pipeline connecting Egyptian and Israeli transmission systems. This ensures implementation of the export contracts to Egypt and provides infrastructure for regional gas trade.
• Chevron (Chevron Mediterranean Limited)coreStrategic or Co-development Partner · 1 January 2017Chevron operates the Leviathan gas field and holds approximately 39.66% working interest. NewMed Energy (45.34%) and Ratio Energies (15%) are the other partners. Together they approved the $2.36 billion FID for Leviathan expansion in January 2026. Chevron also partners on the Aphrodite field in Cyprus (35% stake). The partnership represents the operational backbone of NewMed Energy's core business.
• ShellcoreStrategic or Co-development Partner · 1 September 2011Shell holds 35% working interest in the Aphrodite gas field in Cyprus EEZ alongside NewMed Energy (30%) and Chevron (35%). The partnership is advancing development plans including FEED studies with planned floating production facility and subsea pipeline to Egypt. FID expected in 2027, with first gas anticipated in 2031.
• Ratio EnergiescoreStrategic or Co-development Partner · 1 December 2010Ratio Energies holds 15% working interest in the Leviathan gas field as the third partner alongside NewMed Energy (45.34%) and Chevron (39.66%). Ratio is an Israeli energy company focused on natural gas exploration and production in the Eastern Mediterranean.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Regional players

• SOCAR (State Oil Company of Azerbaijan Republic): Azerbaijani state oil company and designated operator of Cluster I exploration licenses in Israel alongside NewMed and BP (33.33% each). Comparable as a regional state-aligned upstream operator expanding into the Eastern Mediterranean.
• Mubadala Petroleum: Abu Dhabi-based national petroleum company that acquired NewMed's Tamar reservoir stake in 2021 for ~$1B. Comparable as a regional Gulf-based upstream investor active in Israeli gas assets.

Broad incumbents

• Shell plc: Global IOC holding 35% of the Aphrodite field in Cyprus alongside NewMed and Chevron. Comparable as a partner in NewMed's development pipeline and a major global upstream player with Eastern Mediterranean interests.
• Eni S.p.A. Italian IOC operating the Zohr gas field offshore Egypt, the largest gas field in the Mediterranean before Leviathan. Directly relevant as a Mediterranean gas producer and a key regional counterparty for Egyptian LNG exports.
• BP plc: Global IOC partnered with NewMed Energy and SOCAR in Cluster I exploration licenses in Israel's EEZ (33.33% each). Relevant as a strategic exploration partner and global upstream major.
• Chevron Corporation: Global IOC operating the Leviathan field (39.66% interest) and partnering in Aphrodite (35%). Comparable as a partner and major upstream operator with overlapping Mediterranean exposure and broader global upstream portfolio.

Others

• Delek Group: Controlling shareholder of NewMed Energy, an Israeli conglomerate with energy, fuel retail, and financial services operations. Relevant as the parent group and an indicator of broader strategic alignment.
• Egyptian Natural Gas Holding Company (EGAS): Egyptian state gas company and largest contracted buyer under the $35B / 130 BCM export agreement with NewMed and partners. Relevant as the key offtake counterparty and a major regional gas player.

Direct peers

• Energean: London-listed E&P company operating the Karish-Tanin gas fields offshore Israel, acquired from NewMed/Delek Drilling in 2016. Directly comparable as a regional Mediterranean gas producer serving the same Israeli and regional customers.
• Ratio Energies: Israeli natural gas exploration and production company holding 15% of the Leviathan field alongside NewMed Energy and Chevron. Comparable as a direct co-partner and Israeli-listed Eastern Mediterranean gas player.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/NewMedEnergy
• YouTubeyoutube.com/channel/UCIKeqg-272tgskj_HWlxZ0g
• LinkedInlinkedin.com/company/delek-drilling

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NewMed Energy