BP, Adnoc Bid for NewMed at Risk as Review Panel Seeks Higher Price, Reuters Reports

--BP and Abu Dhabi National Oil Co., known as Adnoc, have been advised to raise their joint $2 billion bid for a 50% stake in Israeli gas producer NewMed by 10% to 12% by a panel reviewing the offer, Reuters reports, citing people close to the matter.

--The recommendation has cast doubts over the deal as the parties are reportedly frustrated at how the process has been handled, the unnamed people told Reuters.

--The recommendation is due to a rally in oil and gas prices as well as the depreciation of the Israeli currency in recent months, according to Reuters.

--The British energy giant declined to comment when contacted by Dow Jones Newswires.

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(END) Dow Jones Newswires

10-02-23 0705ET