Production platform on the Leviathan field
BP and Adnoc bid a further twist in Leviathan tale
Could the NOC/major play for Newmed stake precipitate further changes to the Israeli field’s expansion roadmap?
Israeli independent Newmed Energy’s late-February announcement of an almost $100mn investment by partners in the Leviathan gas field in a pre-Feed expansion study seemed a conclusion of sorts to its development story. But a late March swoop by Abu Dhabi’s state-owned Adnoc and BP for a 50pc interest in Newmed—the field’s largest shareholder—might muddy the waters again. The NOC and major have proposed taking listed Newmed private by hoovering up its 45pc free float and taking a further 5pc ownership from current parent Delek. The two firms will “form a new joint venture that will be focused on gas development in international areas of mutual interest, including the East Mediterranean”. There
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
