NewMed Targets Morocco Market Entry
Formerly Delek Drilling, NewMed interested in Moroccan Mediterranean.
Israel-based NewMed Energy, formerly Delek Drilling, has identified Morocco as “a country with enormous geological and commercial potential,” in particular the Moroccan coastal areas in the Mediterranean and North Atlantic.
The announcement comes a day after the Moroccan Minister of Industry and Trade, Ryad Mezzour, and his Israeli counterpart, Orna Barbivai, signed an MOU aimed at promoting investments and exchanges between the two countries in the digital design, food, automotive, aviation, textile, water technologies and renewable energies, medical equipment, and the pharmaceutical industries.
In September 2021, the Israeli oil and gas exploration company obtained from the Moroccan ministry the exploration and study rights of the Dakhla Atlantic Block, which has an area of about 109000 km2.