Israel's NewMed Energy posts Q3 profit on higher Leviathan gas sales

1CM

24/11/2022 11:25

JERUSALEM, Nov 24 (Reuters) - Israel's NewMed Energy
 NWMDp.TA  swung to a net profit in the third quarter, boosted
by record sales from its Leviathan gas field off Israel's
Mediterranean coast.
    NewMed said on Thursday it earned a net $123 million in the
July-September period, compared with a $50 million loss a year
earlier. Revenue net of royalties from natural gas rose 28% to
$265 million in the third quarter.
    Production from Leviathan, in which NewMed owns a 45.3%
stake, increased to 3.0 billion cubic meters in the period from
2.8 bcm a year ago, with 1.2 bcm supplied to Israel, 1.1 bcm to
Egypt and 0.7 bcm to Jordan.
    Over the first nine months of the year, 8.5 bcm of natural
gas has been produced from Leviathan, it said.
    NewMed raised its sales estimate for 2022 to 11.2 bcm from
10.65 bcm and also said it would pay a $50 million dividend, the
same amount as the prior two quarters.
    "In 2023 we will significantly speed up Leviathan's
expansion and entry into new markets, while strengthening the
collaboration with our customers in Israel, Egypt and Jordan,"
said CEO Yossi Abu.
    The company said discussions were continuing for its merger
with Britain's Capricorn Energy Plc  CNE.L  and completion of
the deal is expected in the first quarter of 2023. In recent
weeks, a number of top shareholders in Capricorn have come out
against the deal. 
 (Reporting by Steven Scheer; Editing by Kirsten Donovan)
 ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters
Messaging: steven.scheer.thomsonreuters.com@reuters.net;
Twitter: @StevenMScheer))