Israel's Delek Drilling, Avner Oil to merge
Israeli conglomerate Delek Group's gas and oil exploration units, Delek Drilling and Avner Oil Exploration, approved a merger aimed at reducing costs and attracting new investors. Delek Drilling said on Sunday that shareholders of both companies approved the merger, which will see all assets and liabilities of Avner transferred to Delek Drilling and Avner will be dissolved. The companies in April began the merger process.
Energean to Buy Two Israeli Gas Fields
The partners in Israeli offshore gas fields Tamar and Leviathan have agreed to sell their rights in two smaller fields to Ocean Energean Oil and Gas Ltd for $148.5 million to comply with a government requirement. Delek Group, which has controlling interests in several gas fields in the eastern Mediterranean, is being forced by the government to sell off some assets in an effort to open the sector to competition.
Regulator Opposes Noble, Delek Control of Israeli Field
Israel's antitrust regulator has recommended breaking up what it says is excessive control of key gas reserves by Noble Energy and conglomerate Delek Group, who together hold 85 percent of the country's giant Leviathan field. Competition authorities had initially rubber stamped the acquisition of Leviathan, provided Delek and Noble sold stakes in two smaller gas sites. The turnaround rattled investors and sent Israel's oil and gas stocks tumbling as much as 20 percent on Tuesday.
Firms Developing Cyprus Gas Field Raise Reserve Estimate
The reserve estimate for the Aphrodite natural gas field offshore Cyprus has been raised by 12 percent, and most of the gas is likely to be exported, Israeli firms involved in the project said. The new estimate given for the natural gas field is 4.54 trillion cubic feet (tcf). The estimate for condensate, a liquid byproduct of natural gas, was also raised to 9 million barrels from a previous estimate of 8.1 million, two Israeli firms said in a statement to the Tel Aviv Stock Exchange on Tuesday.
Tamar to Supply Israel Power Plants Over $1 bln of Natgas
Reuters - The partners in Israel's Tamar natural gas field said on Wednesday they agreed to sell more than $1 billion worth of gas to two power plants that are being built. Up to 4.5 billion cubic meters (bcm) will be sold over 15 years to the Alon Tavor and Ramat Gabriel plants. A start date was not disclosed and the deal was subject to several approvals. The partners said the price will be similar to prior supply contracts.
