Yossi Abu on offshore exploration
From יוסי אבו, מנכ”ל NewMed Energy, משק הגז הטבעי – ישראל והזירה האזורית · · Bizportal ביזפורטל
“We won a block called Block I, offshore Israel, together with BP and Soco. By the way, for anyone talking about there being no more potential in Israel, let me tell you something. Players of the size of BP and Soco do not come to a new country to open offices here, to open activity here, unless they see real potential. They do not come here if they do not see the potential. We are one-third with Soco, one-third with BP, and very soon we are supposed to start seismic. Our target was the fourth quarter of 2026 for seismic. I am happy to announce to you that we are going to start this already in the first quarter, the seismic of Block I, because the potential there exists and we are going to invest more than $10 million together with BP and Soco immediately in seismic.”
On , Yossi Abu, CEO at NewMed Energy, spoke about offshore exploration during יוסי אבו, מנכ”ל NewMed Energy, משק הגז הטבעי – ישראל והזירה האזורית on Bizportal ביזפורטל.
About Yossi Abu
Yossi Abu, CEO of NewMed Energy, has been active in investor calls and industry conferences discussing the company's financial results and strategic plans. In early 2023, he reported record quarterly production and earnings, including a net profit of $121 million for the first quarter. Abu stated that the company paid $280 million of a $500 million bond early and announced a $15 million dividend. He also discussed a non-binding offer from BP and ADNOC, saying the company is working on due diligence, an independent committee assessment, and shareholder agreements, with a target of eight weeks to finalize a shareholder agreement and two to three months for regulatory approval. Abu has emphasized the company's focus on expanding its natural gas operations. He said NewMed is working to increase Leviathan production capacity to 14 BCM per year by mid-2025 and is evaluating a floating LNG project, for which partners approved a $100 million budget. He also noted the company is appraising the A3 well in the Aphrodite field, aiming to develop it using existing infrastructure in Cyprus. At an energy conference, Abu stated that the company is working to double Leviathan volumes to 24 BCM and is exploring pipeline options to Egypt. In Morocco, he said NewMed is interested in natural gas, renewables, and hydrogen, adding that the country has the potential to become a global energy hub.