Huge investments loom over the Israeli gas market, with a pending transaction involving the Abu Dhabi national oil company (ADNOC) and BP to purchase half of the New-Med partnership currently in a precarious state.

II. Deal Details

BP and ADNOC offered a whopping 7 billion NIS to acquire 50% of New-Med, formerly known as Delek Drilling. However, a committee appointed by New-Med recommends a 10-12% price hike, equivalent to a quarter of a billion dollars. This is attributed to rising oil and gas prices and the shekel's depreciation against the dollar. Notably, no other purchase proposals have surfaced for New-Med.

III. New-Med's Significance in the Energy Landscape