bp and ADNOC made a non-binding offer to take NewMed Energy private through an acquisition of the free float and a partial acquisition of Delek’s stake, through this transaction bp and ADNOC will hold 50% of NewMed Energy.

bp plans to make a new joint venture that will be focused on gas development in international areas of mutual interest including the East Mediterranean.

When completed, this would strengthen the broader strategic partnership between ADNOC and bp across oil and gas, hydrogen, and carbon capture and storage technology and would deepen the partners’ long-standing relationship.

This proposed transaction comes in line with bp’s stated strategy and financial frame including current guidance for capital expenditure.