Oil & gas exploration limited partnership.
NewMed enters 2026 as a regional gas player with a strong core asset, but it is no longer measured only by Leviathan distributions. It is now measured by whether it can fund, build, and execute the next capacity step without losing flexibility.
Bulgaria remains a live option for NewMed even after Vinekh, but it is now a single focused option around Krum rather than a wider set of prospects. The 10% sale to BEH improved the local structure and trimmed exposure slightly, but the real test from here is capital discipline…
Leviathan has already completed the third gathering line and reached about 14 BCM per year, but the path to 21 BCM still depends on a broader offshore buildout and on three external bottlenecks at EMG, FAJR, and Nitzana.
NewMed still generates strong operating cash from Leviathan, but once investments, distributions, and debt cash uses are fully counted, real flexibility is already leaning on released deposits and new bank funding.
