NewMed Energy
An Israeli limited partnership focused on the exploration, development and production of natural gas and oil, chiefly in the Eastern Mediterranean.
Last updated October 30, 2026
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Overview
NewMed Energy is an Israeli oil and gas partnership formerly known as Delek Drilling. Its activities center on the exploration, development and production of natural gas and oil, with its principal strategic position derived from interests in major offshore fields in the Eastern Mediterranean. The partnership is particularly associated with the Leviathan gas field, one of the largest natural-gas discoveries in the region, and historically held interests in the Tamar field and other Israeli offshore prospects. The business originated as the exploration arm of the Delek group. A partnership agreement establishing Delek Drilling was signed on July 1, 1993, with Delek Drilling Management (1993) Ltd serving as general partner and Delek Drilling Trusts Ltd as limited partner. Avinoam Finkelman is identified with the partnership's founding. The venture subsequently became a central vehicle for Delek Group's participation in Israel's emerging offshore gas industry. In 1998, Yitzhak Tshuva acquired control of Delek Group from the Recanati family, placing the partnership within the wider Tshuva-controlled group. NewMed's most important growth phase followed a series of offshore discoveries. In 2009, Delek Drilling and Avner, alongside Noble Energy, Isramco and Dor, participated in the discovery of the Tamar reservoir. Tamar was a major deepwater discovery and helped transform Israel's domestic energy outlook. In 2010, the same broad partnership network discovered Leviathan, a field described in the reference material as approximately twice the size of Tamar. Additional discoveries included Noa and Mary-B in the Yam Tethys project, as well as Dalit and Tanin. The company and its partners later connected these resources to domestic consumption and regional export markets. A significant corporate consolidation occurred after the Israeli government's 2015 Natural Gas Framework. In December 2016, the general meetings of Delek Drilling and Avner Gas and Oil Exploration approved a merger, which was completed in May 2017 when Avner was absorbed into Delek Drilling. The combination strengthened Delek Drilling's position as a leading Israeli exploration and production vehicle. The regulatory framework also required the divestment of certain assets in order to increase competition. Karish and Tanin were sold to Energean in 2016, while the partnership progressively reduced and ultimately sold its Tamar interest. In 2021, NewMed completed the Tamar divestment process through the sale of its approximately 22 percent holding to Mubadala Petroleum for about one billion dollars, according to the supplied reference material. Regional exports became another defining element of the business. Gas from Tamar began flowing to Jordan in January 2017 under arrangements involving Jordanian industrial companies and Noble Energy. A separate agreement signed in 2016 provided for Leviathan gas sales to Jordan's national electricity company, NEPCO, over a 15-year period. In 2018, the partners signed a large gas-sales agreement with Egypt's Dolphinus, and Delek Drilling, Noble Energy and East Mediterranean Gas acquired an interest in the EMG pipeline linking Egypt and Israel. These transactions supported the emergence of cross-border gas trade in the region. In February 2022, the company adopted the NewMed Energy name as part of a rebranding and strategic repositioning. The stated strategy broadened the brand beyond Israeli Mediterranean exploration and production to include alternative energy, deeper regional relationships and continued participation in gas development. NewMed remains traded on the Tel Aviv Stock Exchange under the symbol NWMD and is included in the TA-35 Index. Its identity is therefore built around large-scale offshore gas assets, regional energy infrastructure, export relationships and a gradual effort to diversify its energy portfolio.
History
NewMed Energy developed from the exploration arm of Delek Group into one of Israel's principal offshore natural-gas partnerships. Its legal partnership structure was established on July 1, 1993, through an agreement between Delek Drilling Management (1993) Ltd and Delek Drilling Trusts Ltd. Avinoam Finkelman is associated with its founding. The venture's early purpose was to search for oil and gas resources on behalf of the Delek group, which at that time was controlled by the IDB group. The ownership context changed in 1998, when businessman Yitzhak Tshuva acquired control of Delek Group from the Recanati family. Under Tshuva's control, Delek Drilling became an important participant in Israel's offshore exploration campaign. The company and its partners discovered the Noa reservoir in 1999 and the Mary-B reservoir in 2000. Together, these reservoirs formed the Yam Tethys project, an early component of Israel's offshore gas industry. The decisive transformation came with the discovery of Dalit and Tamar in 2009. Delek Drilling participated with Avner, Noble Energy, Isramco and Dor. Tamar was a major deepwater find and became a foundation for Israel's domestic gas supply. In 2010, a partnership including Delek Drilling, Noble Energy, Avner and Ratio discovered Leviathan. The Leviathan discovery was described in the reference material as approximately twice the size of Tamar and became NewMed's most prominent asset association. Tanin was discovered in 2012, adding to the portfolio of offshore resources. Regulation strongly influenced the company's structure and asset ownership. Israel approved the Natural Gas Framework in December 2015. Among other requirements, the framework required Delek to sell its interests in the smaller Karish and Tanin fields and to divest its Tamar interests. Karish and Tanin were sold to Energean in 2016. Delek Drilling also sold a 9.25 percent Tamar interest to Tamar Petroleum in 2017. The partnership later completed the Tamar divestment through a 2021 sale of its remaining approximately 22 percent interest to Mubadala Petroleum. The company expanded from domestic production toward regional gas commerce. A 2014 agreement supported gas sales from Tamar to Jordanian companies, and gas began flowing in January 2017. A separate 2016 agreement provided for Leviathan exports to Jordan's NEPCO. In February 2018, the partners signed a substantial gas-sale agreement with Egypt's Dolphinus. To support Egyptian deliveries, Delek Drilling, Noble Energy and East Mediterranean Gas acquired a 39 percent interest in the EMG pipeline in 2018. Corporate consolidation followed the regulatory changes. Delek Drilling and Avner approved a merger in December 2016, and the transaction was completed in May 2017 when Avner was absorbed into Delek Drilling. In February 2022, the partnership adopted the NewMed Energy name. The rebrand presented the company as a broader regional energy participant, with stated interests in alternative energy and stronger regional ties in addition to offshore gas exploration and production. NewMed is listed on the Tel Aviv Stock Exchange under NWMD and forms part of the TA-35 Index.
- 2022
Delek Drilling becomes NewMed Energy
[1]The partnership rebranded as NewMed Energy and broadened its stated strategic focus to include alternative energy and deeper regional ties.
- 2022
Rebrand to NewMed Energy
[1]Delek Drilling adopted the NewMed Energy name and announced a broader energy-oriented strategy.
- 2017
Avner merger completed
[1]Avner was absorbed into Delek Drilling after the merger approved in late 2016, consolidating the two exploration partnerships.
- 2016
Avner merger approved
[1]The general meetings of Delek Drilling and Avner Gas and Oil Exploration approved the merger of the two Delek Group exploration partnerships.
- 2015
Natural Gas Framework approved
[1]Israel approved a regulatory framework requiring significant divestments by Delek and other gas-field partners to reduce concentration and increase competition.
- 2012
Tanin reservoir discovered
[1]Delek Drilling, Avner and Noble Energy discovered the Tanin reservoir, adding to the portfolio of offshore resources.
- 2010
Leviathan discovery
[1]The Leviathan gas reservoir was discovered by a partnership including Delek Drilling, Noble Energy, Avner and Ratio.
- 2009
Tamar discovery
[1]Delek Drilling and Avner, alongside Noble Energy, Isramco and Dor, discovered the Tamar and Dalit reservoirs; Tamar became a central source of Israel's domestic gas supply.
- 2009
Tamar and Dalit discoveries
[1]Delek Drilling and partners discovered Tamar and Dalit, with Tamar becoming a central source of Israel's domestic gas supply.
- 2000
Mary-B reservoir discovered
[1]The Mary-B reservoir was discovered and later formed part of the Yam Tethys project together with Noa.
Products and positioning
A leading Israeli Eastern Mediterranean natural-gas exploration and production partnership with a regional export orientation.
Natural gas production · 2010
Leviathan gas field
Leviathan is NewMed Energy's signature offshore gas-field association. Discovered in 2010 by a partnership including Delek Drilling, Noble Energy, Avner and Ratio, it became a major source of Israeli natural gas and the basis for export arrangements with Jordan and Egypt. The field anchors NewMed's regional identity and illustrates the company's shift from exploration toward large-scale development, production and cross-border energy supply.
Natural gas production · 2009
Tamar gas field
Tamar was discovered in 2009 by Delek Drilling and its partners and became a foundational Israeli offshore gas development. It supported domestic supply and later exports to Jordan. NewMed's predecessor progressively sold its Tamar interests in response to Israel's Natural Gas Framework, completing the divestment of its approximately 22 percent holding in 2021.
Natural gas project · 1999
Yam Tethys project
The Yam Tethys project combined the Noa reservoir, discovered in 1999, and the Mary-B reservoir, discovered in 2000. These early offshore discoveries formed part of the company's development before the much larger Tamar and Leviathan discoveries established Israel as a regional gas producer. Yam Tethys comprised the Noa and Mary-B reservoirs and was among the earlier offshore gas projects associated with Delek Drilling. The discoveries helped establish the partnership's exploration base before the later Tamar and Leviathan developments transformed the scale of Israel's gas industry.
Offshore natural gas · 2010
Leviathan natural gas
Leviathan is NewMed's flagship offshore gas development and one of the most important discoveries in the Eastern Mediterranean. Discovered in 2010 by a partnership including Delek Drilling, Avner, Noble Energy and Ratio, it supports Israeli domestic gas consumption and export arrangements to Jordan and Egypt. The asset represents the partnership's principal regional production and export platform.
Offshore natural gas · 2009
Tamar natural gas
Tamar was discovered in 2009 and became a foundation of Israel's domestic natural-gas market. It also supported export arrangements involving Jordan. NewMed's predecessor held a significant interest, but the partnership sold its remaining Tamar position to Mubadala Petroleum in 2021 as part of compliance with Israel's gas-sector framework.
Offshore gas fields · 2016
Karish and Tanin
Karish and Tanin were offshore gas fields subject to the 2015 Natural Gas Framework's concentration-reduction requirements. Delek Drilling and Noble Energy sold the fields to Energean in 2016. They are therefore significant to NewMed's corporate history but are no longer part of its retained portfolio.
Marketing campaigns
- 2022NewMed Energy rebrand
Israel · Eastern Mediterranean
The partnership replaced the Delek Drilling identity with NewMed Energy and communicated a broader positioning around Mediterranean gas, regional energy relationships and alternative-energy opportunities. The new name became the partnership's public identity and reflected a strategy extending beyond the legacy drilling brand.
Outcome. The new name became the partnership's public identity and reflected a strategy extending beyond the legacy drilling brand.
Brand decisions
2022
Rebrand as NewMed EnergyStrategyBackground
The company sought to present a broader identity than its former Delek Drilling name and to emphasize its regional energy role.
Action taken
The partnership changed its name to NewMed Energy and stated that its strategy would include alternative energy and deeper regional ties alongside Mediterranean gas activities.
Aftermath
NewMed Energy became the public-facing identity for the listed partnership and its regional natural-gas business.
2022
Expansion from Delek Drilling to NewMed EnergyStrategyBackground
The legacy Delek Drilling name emphasized drilling and the Israeli asset base, while the partnership sought a broader regional energy identity.
Action taken
The partnership adopted the NewMed Energy name and articulated interests in Mediterranean gas, regional cooperation and alternative energy.
Aftermath
NewMed Energy became the operating brand used to represent the partnership's broader energy strategy.
2016
Merge Delek Drilling and AvnerM&ABackground
Both partnerships belonged to Delek Group and the consolidation followed a period of major offshore discoveries and regulatory change.
Action taken
The partners approved a merger in December 2016, with Avner subsequently absorbed into Delek Drilling.
Aftermath
The completed transaction strengthened Delek Drilling's position as a leading Israeli exploration and production vehicle.
2016
Merger with AvnerM&ABackground
Delek Drilling and Avner were two exploration partnerships associated with Delek Group.
Action taken
Their unit holders approved a merger, which was completed in May 2017 through Avner's absorption into Delek Drilling.
Aftermath
The transaction consolidated Delek-linked exploration interests and strengthened Delek Drilling's position in Israel.
2015
Responding to Israel's Natural Gas FrameworkOtherBackground
The Israeli government adopted a framework intended to reduce concentration in the natural-gas sector and increase competition.
Action taken
Delek Drilling divested Karish and Tanin, sold part of its Tamar interest to Tamar Petroleum, and ultimately sold its remaining Tamar interest to Mubadala Petroleum.
Aftermath
The measures materially reshaped the partnership's asset portfolio and its relationship with Israel's gas-market regulation.
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