NewMed Energy is a Tel Aviv-listed limited partnership (Delek-controlled) whose portfolio is dominated by a ~45.3% operated working interest in the giant Leviathan gas field offshore Israel — one of the largest deepwater gas discoveries in the Mediterranean. It supplies the Israeli domestic market plus piped export volumes to Jordan and Egypt, and its investment appeal rests on long-term take-or-pay contracts, very low operating breakevens (~$30-equivalent) and a policy of distributing the bulk of cash to unitholders (high distribution yield).
FY2025 revenue was ~$0.87bn with net income of ~$0.34bn (down year-on-year on softer realised gas pricing and higher costs), against a market cap of ~$5.7bn. The forward story is expansion: Leviathan Phase 1B raises capacity toward ~14+ bcma, while a planned LNG/FLNG route and enlarged piped exports to Egypt target global and regional demand. The core caveat is single-asset concentration in Leviathan and East-Med geopolitical/security exposure; it is not a US SEC filer, so no standardized-measure disclosure is available.
Its EV/EBITDA of 10.1x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.3% is lower than the 6.5% median, and at $5.50/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, NewMed Energy scores 48/100, strongest on asset quality (60/100). Sub-scores: value 47, quality 60, growth 51, risk 67 (higher = riskier).
NewMed Energy holds approximately 1.25 billion boe of proved (1P) reserves with FY2025 production of about 187 thousand boe/d (2% liquids), a reserve life of roughly 18.3 years. Break-even: ~$30 (gas-linked breakeven) — long-term take-or-pay gas contracts; low operating breakeven
For NewMed Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Israel | 90% | 39 | OECD but conflict-exposed; gas export/security constraints. |
| Egypt/Cyprus | 10% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Leviathan Phase 1A | Israel | Producing gas | ~45.3% operated; ~12 bcma sold to Israel, Jordan and Egypt under long-term contracts |
| Leviathan Phase 1B | Israel | Expansion | added compression/pipeline capacity lifting deliverability toward ~14+ bcma |
| Leviathan FLNG / LNG exports | Israel | Growth / LNG | planned floating LNG scheme to open global export markets for Leviathan gas |
| Egypt / East Med export expansion | Egypt/East Med | Export pipeline | scaling piped gas sales into Egypt via East-Mediterranean infrastructure |
| Aphrodite | Cyprus | Development | stake in the Cyprus offshore gas field advancing toward development/export |
| Exploration & appraisal acreage | Israel / East Med / Morocco | Exploration | offshore Israeli blocks and international acreage (incl. Morocco) for portfolio growth |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 80 | 88 | 92 | 96 | 187 |
| Proved reserves (bnboe) | 1.35 | 1.32 | 1.28 | 1.25 | 1.25 |
| Revenue ($bn) | 0.8 | 1.0 | 0.9 | 1.0 | 1.0 |
| EBITDA ($bn) | 0.6 | 0.8 | 0.8 | 0.8 | 0.7 |
| Net income ($bn) | 0.4 | 0.5 | 0.4 | 0.5 | 0.3 |
| Free cash flow ($bn) | 0.3 | 0.4 | 0.4 | 0.5 | 0.3 |
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✓ FY2025 figures verified against primary sources:
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