BP, Adnoc suspend talks on bid for stake in Israel's NewMed

NewMed Energy said on Wednesday that BP and UAE state-owned oil company Adnoc have suspended discussions about a potential joint bid for 50% of the Israeli gas company.

In a brief statement, NewMed said: "The committee and the consortium have agreed, due to the uncertainty created by the external environment, to suspend discussions in relation to the proposed transaction.

"The consortium reiterated its interest in the proposed transaction. The process will remain suspended until such time as discussions resume or the process is terminated."

NewMed said there can be no certainty that discussions will resume or that an agreement will be reached in the future, nor as to the terms of any agreement.

"The partnership will update unitholders of further developments as appropriate," it added.

BP and Adnoc announced in March 2023 that they had offered to buy the stake in NewMed for around $2bn.