bp confirms that, together with ADNOC, it has made a non-binding offer to take NewMed Energy private through an acquisition of the free float and a partial acquisition of Delek’s stake, which would result in bp and ADNOC holding 50% of NewMed Energy.

bp and ADNOC intend to form a new joint venture that will be focused on gas development in international areas of mutual interest including the East Mediterranean. This proposed transaction with NewMed Energy would be a significant first step in establishing this dynamic joint venture together with ADNOC.

When completed, this would strengthen the broader strategic partnership between ADNOC and bp across oil and gas, hydrogen and carbon capture and storage technology and would deepen the partners’ long-standing relationship.

This proposed transaction is consistent with bp’s stated strategy and financial frame including current guidance for capital expenditure. The two companies intend to explore a range of mechanisms for the formation and potential further expansion of their new partnership.

ADNOC and bp will update the market on the proposed transaction as appropriate.

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About ADNOC

ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification.

About NewMed Energy

NewMed Energy is Israel’s leading energy partnership in the exploration, development, production and sale of natural gas and condensate.
The partnership previously named “Delek Drilling” is a subsidiary of the Delek Group.

NewMed Energy operates mainly in the Eastern Mediterranean, initiated the natural gas sector in Israel, and made history with its unprecedented agreements with Egypt, Jordan and the UAE which strengthened peace and increased stability in the Middle East. NewMed Energy has been a key partner in all of the gas discoveries made in the last thirty years in Israel’s EEZ, and in the first natural gas discovery made in Cyprus’s EEZ.

Currently holding 45.34% of the Leviathan Reservoir, the largest gas reservoir in the Mediterranean, the Leviathan gas production serves as a key source of energy for the State of Israel and the countries of the region.

In accordance with its strategic policy, in the coming years NewMed Energy will invest in the development of new technologies to produce energy from alternative sources: producing blue hydrogen alongside carbon capture, promotion of renewable energy projects, and more.