{"id":584310,"date":"2023-03-29T00:00:00","date_gmt":"2023-03-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/bp-adnoc-team-up-on-bid-for-newmed\/"},"modified":"2023-03-29T00:00:00","modified_gmt":"2023-03-29T00:00:00","slug":"bp-adnoc-team-up-on-bid-for-newmed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/bp-adnoc-team-up-on-bid-for-newmed\/","title":{"rendered":"BP, Adnoc team up on bid for NewMed"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">BP and Adnoc bid to acquire half of Israel\u2019s NewMed, taking it private: <\/span><span>Global <\/span><span>energy<\/span><span> giant BP a<\/span><span style=\"\">nd the Abu Dhabi National Oil Company (Adnoc) have submitted a preliminary, non-binding offer to acquire 50% of Israel\u2019s NewMed Energy in a transaction worth some USD 2 bn, NewMed said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/New%20Med%20disclosure%20BP%20Adnoc_586.pdf\" style=\"\">a disclosure (pdf)<\/a><\/span><span style=\"font-weight:400;\"> to the Tel Aviv stock exchange. The acquisition would mark the two firms\u2019 first foray into Israel\u2019s energy sector as they angle for a piece of the growing Eastern Mediterranean gas industry. Closing the transaction could help them become key suppliers of gas to Europe. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The offer: <\/span><span style=\"\">BP and Adnoc would buy the full 45% of NewMed that is in free-float, as well as 5% <\/span><span>of the 55% stake currently held by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.delek-group.com\/\" style=\"\">Delek Group<\/a><\/span><span style=\"font-weight:400;\">, making NewMed a 50-50 partnership between the consortium and Delek. BP and Adnoc are offering ILS 12.05 per share, valuing NewMed at some ILS 14.1 bn \u2014 or nearly USD 4 bn \u2014  in total. The offer comes at a 72% premium to NewMed\u2019s price before news broke of the transaction. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Market reax: <\/span><span style=\"\">NewMed shares soared on the news, <\/span><span style=\"\">clo<\/span><span style=\"\">sing 37% higher at ILS 9.98<\/span><span style=\"\">yesterday. <\/span><span>BP shares rose <\/span><span>2.3% <\/span><span style=\"font-weight:400;\">in London. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">All three companies play a role in our energy infrastructure:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">NewMed<\/span><span>owns 45% of the Leviathan gas field that feeds into Egypt\u2019s Idku and Damietta LNG processing plants, and holds a 30% stake in Cyprus\u2019 Aphrodite field, which is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b0e72cc-581a-4cd8-8159-75d9b8d2990e\" style=\"\">set to be connected to Egypt\u2019s LNG plants<\/a><\/span><span style=\"font-weight:400;\"> by 2025. <\/span><\/li>\n<li><span style=\"font-weight:700\">BP<\/span><span> currently produce<\/span><span>s more than 60% of Egy<\/span><span>pt\u2019s total gas supply, last year prod<\/span><span>ucing 1.3 bn cubic feet per day<\/span><span>. The company is also investing to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6811ea1f-39c6-4815-8176-3d452b185be0\" style=\"\">expand its upstream operations<\/a><\/span><span> and last year was awarde<\/span><span>d three new exploration blocks <\/span><span style=\"font-weight:400;\">in the Mediterranean. <\/span><\/li>\n<li><span style=\"font-weight:700\">Adnoc<\/span><span style=\"\">earlier this year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75784c1b-8241-45cc-affa-165e236ca996\" style=\"\">entered the downstream energy market<\/a><\/span><span style=\"font-weight:400;\"> after its distribution arm acquired a 50% stake in fuel retailer TotalEnergies Egypt.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Meaning this could be good news for our energy hub ambitions: <\/span><span style=\"\">\u201cThis partnership is about <\/span><span style=\"\">the east Mediterranean \u2014 Israel, Cyprus, and Egypt,\u201d <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-28\/bp-and-adnoc-in-non-binding-pact-to-take-newmed-energy-private?leadSource=uverify%20wall\" style=\"\">Bloomberg<\/a><\/span><span style=\"\"> quotes NewMed CEO Yossi Abu as saying in an interview. Abu told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/deals\/adnoc-bp-bids-interest-israels-newmed-energy-2023-03-28\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\"> the transaction is \u201ca sign of confidence in the East Med becoming a major supplier of gas to Europe.\u201d <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What energy hub ambitions? <\/span><span style=\"\">Alongside a deep push into renewables and hydrogen, Egypt is <\/span><span>trying to maximize its exports of natural gas as the EU looks for new energy suppliers to fill the <\/span><span style=\"\">gap left by the loss of Russian fossil fuels, with the Oil Ministry targeting a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/093d7eb2-1945-4055-b76c-b6543e8668f7\" style=\"\">40% increase<\/a><\/span><span style=\"\"> in LNG exports by 2025,  the bulk of which will be sent to Europe. The government last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\" style=\"\">inked an agreement<\/a><\/span><span style=\"font-weight:400;\"> with Israel and the EU to help boost exports. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019re already expecting more gas from NewMed: <\/span><span style=\"\">Prior to the BP-Adnoc offer, NewMed said <\/span><span style=\"\">it was planning to spend <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83f2dd5f-ac88-4a28-8546-d57d85fc44c1\" style=\"\">USD 100 mn<\/a><\/span><span style=\"font-weight:400;\"> to up production from Leviathan by 75%, some of which will be earmarked for our LNG plants. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">With one caveat: <\/span><span style=\"\">NewMed has plans to build a floating LNG terminal that would allow it to <\/span><span style=\"font-weight:400;\">export LNG directly to the EU, bypassing our processing plants. BP and Adnoc \u201chave technical and operational experience in floating LNG facilities and also marketing LNG,\u201d Abu told Bloomberg.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More to come? <\/span><span style=\"\">The JV \u201cwill be focused on gas development in international areas of mutual <\/span><span>interest including the East Mediterranean,\u201d <\/span><span>the companies said<\/span><span> in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bp.com\/en\/global\/corporate\/news-and-insights\/press-releases\/statement-regarding-bp-and-adnoc-bid-for-interest-in-newmed-energy.html\" style=\"\">a statement<\/a><\/span><span>.<\/span><span style=\"font-weight:400;\"> \u201cThe two companies intend to explore a range of mechanisms for the formation and potential further expansion of their new partnership.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The energy giants want a slice of EastMed gas exports<\/p>\n","protected":false},"author":1,"featured_media":584311,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[1703,196,93,72,7128,1056,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adnoc","tag-bp","tag-energy","tag-enterpriseam","tag-ma-watch","tag-newmed-energy","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"3a4ac654-e6a8-4165-a752-4d8ed821d214","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/603.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BP, Adnoc bid for 50% stake in Israel\u2019s NewMed Energy","related_issue":[584293],"teaser":"The energy giants want a slice of EastMed gas exports","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.b57990dc-9bad-4672-91f0-bc7b38b01b45.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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