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Rabat – Israel’s natural gas producer NewMed Energy, formerly known as Delek Drilling, plans to invest in the development of natural gas and renewable energy infrastructure in Morocco.
“Morocco is the next destination both for the discovery of new gas reserves and for the promotion of renewable energies,” NewMed Energy CEO Yossi Abu told Israeli news outlet Walla! on the sidelines of the Jerusalem Post conference in Marrakech.
Abu noted that Morocco has “huge potential for the development of new energy resources,” recalling the country’s commitment to attracting investment into green sectors.
Given that NewMed Energy has a solid portfolio in gas exploration and has recently entered the renewable energy and blue/green hydrogen market, Morocco provides varied opportunities for the company in both energy domains.
Explaining NewMed’s expansion strategy in Morocco, Abu highlighted the company’s interest in searching, developing, and producing natural gas reserves in the Sahara.
“At the same time, we intend to promote activity here in the fields of renewable energies together with our partners from Enlight,” the executive commented.
Abu went on to add that NewMed’s cooperation with Morocco in the green hydrogen would “lead to significant innovation in the energy market,” stressing that “Morocco can be a tremendous base for the production of green hydrogen when innovation and initiative are the key.”
Read Also: Masdar: Morocco to Become Cost-Competitive Green Hydrogen, Ammonia Exporter
In 2021, NewMed Energy announced its entry into the green energy market, leading to a partnership with Tel Aviv-listed Enlight Renewable Energy. In August, the two companies signed a memorandum of understanding to develop solar and wind projects, as well as energy storage in Morocco, Egypt, Jordan, Oman, Bahrain, the UAE, and Saudi Arabia.
The company’s decision to diversify its portfolio responds to the growing demand for the decarbonization of energy. While the topic remains widely disputed in international or regional gatherings such as COP 27 and Africa Energy Chamber, fossil fuels remain an integral part of the energy sector.
However, the global shift is predominantly in favor of renewable energy and green hydrogen. In this context, all countries, including the least polluting ones in Africa, are calling for investment in large-scale energy projects with green hydrogen seen as the energy of the future.
Small and large oil and gas companies appear to be capitalizing on the situation by either greenwashing their operations or investing in renewable solutions in promising developing markets such as Morocco, Egypt, and South Africa in fear of losing market shares.
Read Also: Gaia Energy, H2Pro Launch Green Hydrogen Demo Project in Morocco
