Yossi Abu, CEO of NewMed Energy, participated in the 2025 Maariv and Walla Economic Conference yesterday at the Carlton Hotel in Tel Aviv and discussed the awarding of natural gas exploration licenses in Israel to the SOCAR consortium—the national oil and gas company of Azerbaijan, along with British Petroleum (BP) and NewMed Energy.
According to Abu, "Yesterday, we signed the license for exploration in an area that lies on the border between Lebanon, Cyprus, and us. The consortium is led by SOCAR, the national oil company of Azerbaijan, alongside British Petroleum and NewMed Energy. For the first time, we have brought a national oil company from a Muslim country to Israel. There is a significant economic, political, and diplomatic element to this."
He added, "The pipeline from Azerbaijan crosses Turkey and reaches Italy—this is an example of a potential long-term strategic market. Currently, we are exporting gas to Jordan and Egypt, and when looking ahead, we see more ways to export gas. One option is connecting a pipeline from Israel through Turkey and then to Europe, such as Italy, using SOCAR's existing infrastructure."
Abu continued, "Leviathan Phase B is moving forward, and we plan to expand Leviathan from 12 BCM to 14 BCM next year, with a further expansion from 14 to 21 BCM by 2029. There will be a new agreement with Egypt, which is currently being negotiated, and that is our strategic goal. We have received approval to develop a floating facility – a type of platform that sits above the reservoir. The Egyptian market will face a shortage of 30–40 BCM annually in the next decade, and we can help fill that gap."
Regarding the restriction of Chevron's activities, Abu stated: "Relations between nations are built on strategic partnerships. We have seen this in recent years and will continue to foster such relationships. The State of Israel signed the gas framework, which was approved by the government, and now there is an attempt to violate it. We just went through a war, and Chevron—a multinational company—ensured that there was not a single day of supply disruption. Instead of encouraging foreign investors to invest here, we are making it difficult for them."
He also noted that "the Israeli market is full. There are already 1,000 BCM (billion cubic meters) of discovered gas reserves—enough for more than 50 years. If we do not export it, it will remain buried and provide zero benefit. Alongside maintaining energy security, export policies attract foreign investors and enable the development of reservoirs."
"Israel holds all the cards to take the lead in AI and data centers. The potential here is enormous. Israel could become a key player in the region, but I don't see it happening at the pace we see in the US or other places. Due to the war, foreign investors are somewhat hesitant to invest in Israel. However, data centers require cheap and efficient energy, and we have something to offer in this field. Israel must be involved—this is a national mission. This is the next generation of industry."
