March 28 (UPI) -- British energy company BP said Tuesday it was working with a counterpart in Abu Dhabi to form a joint venture that would capitalize on the natural gas deposits off the Israeli coast of the Mediterranean Sea.
BP and the Abu Dhabi National Oil Co., a regional oil giant known otherwise as ADNOC, offered $2 billion to take on a 50% stake in Israeli offshore gas producer NewMed Energy. The stake would be acquired from Delek Group.