Energy giants BP and Abu Dhabi National Oil Company (Adnoc) have put on hold their plans to acquire a 50% stake in the Israeli natural gas producer NewMed Energy. This decision is due to the geopolitical unrest in the region, as announced by NewMed itself.

It is worth noting that NewMed Energy is involved in the development of the Aphrodite gas field in the Cypriot Exclusive Economic Zone.

The three companies agreed that "due to the uncertainty caused by the external environment, discussions for the proposed transaction should be suspended," according to NewMed's announcement. Following this news, NewMed's stock plunged by 8% on the Tel Aviv Stock Exchange.

As per the Israeli company, BP and Adnoc "reaffirmed their interest in the proposed transaction," suggesting that the deal is not entirely off the table. However, NewMed acknowledged the uncertainty of future discussions: "There is no certainty that discussions will resume or that they will lead to an agreement in the future," they explained.