After 20 years: first Israeli oil company in Venezuela?

In depth

New-Med Partnership, controlled by Delek Group and led by Yitzhak Tshuva, signed an exclusivity agreement for negotiations to acquire 60% of a company holding producing oil fields in Venezuela. The agreement is valid until the start of January 2027, and during this period New-Med will conduct due diligence on the assets.

The fields include producing wells and oil assets onshore and offshore. The move marks the group's first strategic entry into South America, and New-Med is examining further collaborations in the region in parallel.

Venezuela was opened to foreign oil companies after former president Nicolás Maduro was captured in an operation by US special forces earlier this year. New-Med is expected to compete in the market against oil giants such as Chevron and Exxon Mobil, among others.