By Kyle Morris


BP PLC said Tuesday that it and Abu Dhabi National Oil Co. have made a nonbinding offer to take NewMed Energy LP private.

The oil company said the deal will be completed through the acquisition of the free float and a partial acquisition of Delek's stake. Following the transaction, BP and ADNOC would each hold 50% of NewMed Energy.

BP and ADNOC plan to form a new joint venture to focus on gas development in international areas of mutual interest, such as the East Mediterranean, and the proposed transaction with NewMed Energy will be a first step in this process.

The companies also said they intend to explore a range of options for the potential further expansion of their partnership.

Shares in BP at 0742 GMT were up 9.70 pence, or 2.0%, at 506.10 pence.


Write to Kyle Morris at


(END) Dow Jones Newswires

March 28, 2023 04:01 ET (08:01 GMT)

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