NewMed looking for gas in Israel, Tamar Petroleum increases production, and Econergy expands production in Romania
A stormy day in the Israeli energy market: NewMed is launching the first gas survey in Israel in years and returning to search for oil under Leviathan; quarterly profit jumped to $117 million. Expansion of production capacity boosted Tamar Petroleum's revenues to $87 million in the second quarter. Econergy secured huge financing of 229 million euros for the construction of a solar and storage project in Romania.
Several significant events took place today, Thursday, in the energy market. NewMed announced the start of exploration at two sites for oil and gas, Tamar Petroleum reports an increase in production and profits at the Tamar reservoir, and the renewable energy company Econergy reports a significant financing agreement of 229 million euros for the construction of a large solar field in Romania.
NewMed, owned by the Delek Group and holding about 45% of the Leviathan reservoir, reports the first active gas search in Israel in several years. As first published in Globes, a dedicated ship will arrive in Israel this September to conduct a 3D seismic survey in Block I, which NewMed won together with SOCAR (the State Oil Company of Azerbaijan) and the British oil and gas giant BP. Such a survey is the first active stage in gas exploration, and if sites with potential for gas discoveries are found, exploration drilling will be carried out to determine whether a new gas reservoir exists. The survey will begin in September, last three months, and cost all partners $22 million.
In addition, and in light of parallel surveys conducted in Egypt by Chevron, NewMed is also searching for oil in the deep layers under the existing Leviathan reservoir. NewMed and its partners will carry out the survey starting in September or October, with the goal of "improving existing knowledge regarding the reservoir." The cost for all partners stands at $68.8 million.
Furthermore, NewMed reports revenues of $250 million after royalties in the second quarter of 2026, an increase compared to $164 million in the second quarter of 2025. It should be noted that in that quarter, the Leviathan reservoir was temporarily shut down for 11 days due to the first campaign against Iran ("Days of Repentance"). NewMed's profit in the last quarter stood at $117 million, up from $81 million in the corresponding quarter last year. The stock rose in trading on the stock exchange.
Reports at Tamar Petroleum, a huge deal for Econergy
Tamar Petroleum is also publishing its reports for the second quarter of 2026. They own 16.75% of the Tamar reservoir, the second-largest gas reservoir in Israel. Tamar recently expanded its production capacity significantly, bringing annual output to a level similar to that of the Leviathan reservoir. As a result, revenues are rising: $87 million in the second quarter of 2026, compared to less than $78 million in the second quarter of 2025. Net profit also rose to $15.6 million in the last quarter, compared to $11 million in the previous year. However, its shares fell slightly in trading, perhaps due to investor expectations for even better results. Tamar Petroleum is owned by Eliyahu Azur, Aaron Frenkel, SOCAR, and Moti Ben-Moshe.
The renewable energy company Econergy, which operates exclusively abroad, reports two significant deals in Romania: a financing of 229 million euros led by European banks to establish the Parau 2 project, a solar field that will reach a capacity of 342 MW with a storage capacity of 300 MWh. In addition, Econergy reports the grid connection of a smaller project in Romania called Iancu Jianu, with a capacity of 59 MW and storage of 70 MWh. The stock rose in trading on the stock exchange.
