- Business
- NewMed Energy - Limited Partnership (NWMD.TA) is Israel's leading energy partnership focused on the exploration, development, production, and sale of natural gas, condensate, and petroleum. Founded in 1993 as Delek Drilling, a subsidiary of the Delek Group, and headquartered in Herzliya, Israel, the partnership changed its name to NewMed Energy in February 2022 to reflect its expansion in the Middle East and diversification into low-carbon and renewable energy initiatives. It holds significant interests in key assets, including 45.34% of the Leviathan reservoir, the largest natural gas field in the Mediterranean covering 500 square kilometers offshore Haifa; the Yam Tethys project offshore Ashkelon; Block 12 covering 386 square kilometers in Cyprus; and operations in Jordan and Egypt, serving independent power producers, marketing companies, industrial customers, and regional exports. The partnership supplies natural gas domestically and internationally, with recent financials showing quarterly revenue of $288 million and net income of $116 million in Q1 2025. Recent major developments include the March 2025 completion of a 50% farm-in acquisition in the Han Asparuh block offshore Bulgaria from OMV Petrom, committing up to EUR 100 million for exploration wells to bolster regional energy security; and the August 2025 signing of Israel's largest-ever export deal worth $35 billion with Blue Ocean Energy for 20 billion cubic meters annually of Leviathan natural gas to Egypt starting in 2026, paving the way for Leviathan Phase 1B expansion to 21-23 billion cubic meters per year. NewMed Energy continues to advance renewable energy projects, hydrogen technologies, and Middle East collaborations to transition toward sustainable operations.