BP and the Abu Dhabi National Oil Company ADNOC have suspended talks to buy a 50% stake in Israel’s natural gas producer NewMed, due to uncertainty in the region, the Israeli company said on Wednesday. In March 2023, BP and the national oil company of one of the leading Middle Eastern oil and gas producers, the United Arab Emirates UAE, offered to buy a large stake in NewMed in a deal estimated to be worth around $2 billion.
With the deal proposed last year, BP and ADNOC were looking to gain exposure to the vast natural gas reserves in the Eastern Mediterranean. However, the Hamas attack on Israel in early October and the war that followed have thrown discussions off course.
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