NewMed Begins Gas Exploration in Israel as Tamar Petroleum Boosts Output and Econergy Expands Solar in Romania
Several significant developments occurred in the energy sector on Thursday. NewMed, owned by the Delek Group and holding about 45% of the Leviathan gas field, announced the start of Israel's first active gas exploration in years. A dedicated vessel will arrive in September to conduct a 3D seismic survey in Block I, a site awarded to NewMed alongside Azerbaijan's SOCAR and British energy giant BP. This survey, costing $22 million to the partnership, marks the initial phase of exploration, potentially leading to drilling if promising gas sites are identified. Concurrently, NewMed will also explore deep layers beneath the existing Leviathan field for oil, following similar surveys by Chevron in Egypt. This second survey, starting in September or October and lasting several months, will cost $68.8 million to the partners. NewMed reported revenues of $250 million in Q2 2026, up from $164 million in Q2 2025, despite an 11-day shutdown of Leviathan due to conflict with Iran. Net profit rose to $117 million from $81 million the previous year, boosting the company's stock.
Tamar Petroleum, owning 16.75% of Israel's second-largest gas field Tamar, also released Q2 2026 results showing increased production capacity comparable to Leviathan. Revenues rose to $87 million from under $78 million year-over-year, with net profit increasing to $15.6 million from $11 million. Despite these gains, Tamar's shares slightly declined, possibly due to investor expectations for even stronger results. Tamar Petroleum is owned by Eliyahu Azur, Aharon Frenkel, SOCAR, and Moti Ben Moshe, with only a small portion of shares publicly traded.
Renewable energy company Econergy, operating primarily in Europe, announced two major deals in Romania. It secured €229 million in financing led by European banks to develop the Parau 2 solar project, which will have a capacity of 342 megawatts and 300 megawatt-hours of storage. Additionally, Econergy connected a smaller 59-megawatt solar and 70-megawatt-hour storage project named Iancu Jianu to the grid, marking the start of revenue generation. Following these announcements, Econergy's stock rose in trading.
These developments highlight active exploration and expansion efforts in Israel's natural gas sector and significant growth in renewable energy projects abroad, reflecting broader energy market dynamics and investment trends.
