Israeli Energy Firm NewMed Seeks Oil and Gas Exploration Licenses in Morocco

Newmed Energy is "in an advanced phase of obtaining exploration licenses in Morocco as a leading partner in its field with significant know-how and proven experience," its CEO, Yossi Abu, said during a press conference held Tuesday to announce the name change of the group, which was previously called Delek Drilling.

The company "has identified Morocco as a country with enormous geological and commercial potential," the official said, adding that NewMed Energy is particularly interested in the Moroccan coastal areas in the Mediterranean and North Atlantic.

This announcement from Newmed Energy Company comes a day after the signing in Rabat of an economic cooperation agreement between Rabat and Tel Aviv. This agreement, signed by the Minister of Industry and Trade, Ryad Mezzour, and his Israeli counterpart, Orna Barbivai, aims to facilitate investments and exchanges between the two countries in the sectors of industry 4.0, agri-food, automotive, aviation, textiles, water technologies and renewable energies, medical equipment and the pharmaceutical industry.

It should be recalled that the Israeli oil and gas exploration company Ratio Petroleum Partnership obtained, at the end of September last year, from the Moroccan Ministry of Energy the rights to explore and study the Dakhla Atlantic block covering an area of approximately 109,000 km2.