Yossi Abu (Delek Drilling Photography, Flash 90)
Newmed Energy (formerly Delek Drilling) finished its first quarter with a strong performance. Niomed’s results are probably striking in light of the fact that this is the first quarter of the partnership without the inclusion of the Tamar reservoir sold last December.
In total, Newmed records a net quarterly profit of about $ 84 million and will distribute dividends of $ 50 million. Net income in the first quarter amounted to $ 211 million, compared with $ 184 million last year, an increase of 15%.
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The partnership reports very important progress towards the development of the Aphrodite Reservoir: Aphrodite’s partners have decided to enter into an agreement with Assada to carry out the first production drilling in the reservoir. A very important statistic that emerges from Niomed’s reports is the increase in exports to Egypt that we will mention pays the partnership relatively high prices and absorbs almost all the amount of gas that Niomed can supply it. Exports to Egypt totaled about 1.1 BCM in the first quarter compared to 0.8 BCM last year. Production from the Whale Reservoir this quarter amounted to about 2.7 BCM.
The good performance of the partnership has led it to start taking care of its balance sheet and so the partnership has announced the adoption of a plan to purchase the bonds issued by Whale Bond amounting to up to $ 100 million. Yossi Abu, CEO of NewMed Energy: “Natural gas is the hottest commodity in the global energy market and will continue to be so in the foreseeable future.”
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It should be noted that in light of the military confrontation between Russia and Ukraine, many European countries are seeking to diversify their natural gas sources, in order to reduce dependence on Russian natural gas, which currently accounts for about 40% of European gas consumption. This may lead to additional significant demand for natural gas from areas with the possibility of connecting to natural gas pipelines to Europe as well as an increase in demand for natural gas.
Yossi Abu, CEO of NewMed Energy: “Natural gas is the hottest commodity in the global energy market and will continue to be so in the foreseeable future. The demand for each molecule is only growing – in the local, regional and global market. “We are currently formulating an outline in which we will significantly increase the amount of annual production from Whale and also work to maximize the value of existing core assets to meet the growing demands in export markets and the domestic market, and progress in developing additional channels of investment to add value to investors.”
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