Wed, Aug. 31, 9:48 AM
- Israel's Delek Group (OTCPK:DGRLY, DK) is considering New York, London or Amsterdam for an IPO of its stake in the Tamar natural gas field valued at $3B-$4B, Bloomberg reports.
- Delek has held talks with HSBC and JPMorgan Chase on a plan to spin off its 31% stake in the offshore field into a special-purpose company and sell shares on one of the overseas bourses, according to the report.
- Delek has five years to sell its Tamar holdings as part of an agreement reached with the government last year to resolve monopoly concerns.
Tue, Aug. 30, 7:27 AM
Mon, Jul. 18, 8:55 AM
- Delek Group (OTCPK:DGRLY) agrees to acquire a 20% stake in the U.K.-based Kraken oil field from EnQuest (OTC:ENQUF) for $162M, as it seeks opportunities outside the Israeli natural gas market.
- The purchase is part of Delek’s strategy to acquire industry know-how and grow into an international energy brand.
- Production in the Kraken field, which holds 147M barrels of heavy oil, is expected to begin in 2017.
Thu, Jun. 2, 12:30 PM
- Israel's government approves the development of the Leviathan natural gas field, one of the largest offshore discoveries of the past decade.
- Noble Energy (NBL -0.4%), which holds a 40% stake in Leviathan, says the field would initially start production at 1.2B cf/day and expand to 2.1B cf/day; the field has an estimated 622B cm of reserves and is expected to become operational in 2019.
- The project had been opposed by opposition parties and public advocacy groups on grounds that NBL and its partner Delek Group (OTCPK:DGRLY) - which also own the adjacent Tamar field - would control too much of Israel's natural gas supply.
- Earlier this week, Leviathan signed a deal to supply up to 473B cf to a new private power plant for 18 years; NBL estimates gross revenue from the deal at $2.5B.
Tue, May 31, 7:27 AM
Mon, May 30, 4:34 AM
- The partners in Israel's Leviathan natural gas field - Noble Energy (NYSE:NBL) and Israel's Delek Group (OTCPK:DGRLY) - have signed an agreement to supply as much as $3B worth of gas to a new private power plant in central Israel.
- "This deal is an important milestone, in that it establishes another domestic contract that... is essential for the quick development of Leviathan," said Niv Sarne, Noble's manager of business development.
Sun, May 22, 10:16 AM
- Israel has approved a deal it hopes will fast-track development of the huge Leviathan offshore natural gas field and end years of regulatory uncertainty that has stifled the country's nascent oil and gas industry.
- The agreement is said to give the state more leeway while offering enough stability for Leviathan partners - Noble Energy (NYSE:NBL) and Israel's Delek Group (OTCPK:DGRLY) - and will hopefully bring the field online by the end of 2019.
- Previously: Israel reaches deal with Noble Energy, Delek on Leviathan gas plan (May. 18 2016)
Wed, May 18, 4:48 PM
- Israel has reached a new agreement with Noble Energy (NYSE:NBL) and Delek Group (OTCPK:DGRLY) that will allow the companies to move ahead with development of the Leviathan natural gas field.
- Finance Minister Steinitz says the new deal, which will be consider for final approval in the coming days, gives the government more leeway to change policies if needed.
- The project hit a major obstacle in March when Israel's Supreme Court blocked a previous agreement that bound the state to the terms of the deal for 10 years.
- NBL, which had warned that the court ruling could delay development of Leviathan beyond its hoped-for year-end 2019 completion date, calls the new agreement an "important milestone in creating a stable investment environment."
- Now read Bloomberg: Israel, Egypt near accord on natural gas dispute
Wed, May 18, 11:48 AM
- Israel and Egypt are nearing a compromise that would sweep away a major obstacle to a multibillion-dollar natural gas deal, as Israel may agree to settle for half of the $1.73B fine Egypt was ordered to pay it, Bloomberg reports.
- Israel considers gas exports to Egypt and other countries in the region a strategic imperative to cement ties with its closest ally in the Muslim world; energy-strapped Egypt needs fuel until it develops its own newly discovered fields, and it can use an idle gas pipeline to transfer Israeli fuel for export to third countries.
- U.S.-based Noble Energy (NYSE:NBL) and Israel’s Delek Group (OTCPK:DGRLY) need export contracts with Egypt to obtain financing for the development of the Leviathan gas field.
Mon, Apr. 11, 9:17 AM
- Noble Energy (NYSE:NBL) is in talks with Israeli institutional investors to sell part of its holding in the Tamar natural gas reserve for at least $1B, according to weekend reports in the Israeli media.
- Under its framework agreement with Israel's government, NBL has six years to reduce its 36% stake in Tamar to 25%, but the company has been selling assets as it faces a cash crunch.
- The Tamar field off Israel's Mediterranean coast, which started production in 2013, contains estimated reserves of nearly 11T cf; Tamar partners NBL and Delek (OTCPK:DGRLY) also control the nearby and much larger Leviathan field, which is still undeveloped.
- Now read Noble Energy still a Buy at Stifel following Israel Supreme Court ruling
Fri, Apr. 1, 7:15 AM
- Delek Group (OTC:DLKGF) declares NIS8.3447/share totaling approx. NIS100M.
- The dividend is payable on April 21 to shareholders on record of April 7.
Thu, Mar. 31, 6:10 AM
- Delek Group (OTCPK:DGRLY): Q4 net income of NIS76M
- Revenue of NIS1.44B (-25.8% Y/Y)
Mon, Mar. 28, 8:26 AM
- Shares in Israeli gas companies Avner Oil (OTCPK:AVOGF) and Delek Drilling (OTC:DKDRF) sink even after partners in Israel’s Leviathan offshore gas field said the high court ruling that blocked a proposal to regulate the natural gas industry would not derail their development plans.
- Delek Group (OTCPK:DGRLY) CEO Assi Bartfeld said in a conference call that the partners would work hard to find the solutions necessary to come to an agreement, a stance that Barclays analyst Tavy Rosner calls “overly optimistic... The partners are unlikely to manage to secure export contracts without a stability clause in place. Working around that clause could take several months.”
- Noble Energy (NYSE:NBL) Chairman David Stover says the court ruling was “disappointing and represents another risk to Leviathan timing.”
- In the U.S., NBL -4.1% premarket.
Mon, Mar. 28, 2:56 AM
- Partners in Israel's offshore Leviathan natural gas field are calling on the government to quickly resolve remaining regulatory uncertainty after the Supreme Court struck down an agreement on the project's development.
- The objection was due to a clause that would have prevented major regulatory changes for 10 years, inserted to encourage investment.
- The government last year reached a deal with Noble Energy (NYSE:NBL) and Israeli partner Delek Group (OTCPK:DGRLY) that would leave them in control of the gas trove, while forcing them to sell smaller, yet sizable, assets.
- Previously: Israel's Supreme Court strikes down government gas deal (Mar. 27 2016)
Sun, Mar. 27, 6:52 PM
- Israel’s Supreme Court rules against the government's plan to develop and export the country’s offshore natural gas reserves, in a major setback for Prime Minister Netanyahu - who had appeared before the court to defend the deal - and for Israel's energy industry.
- In ruling the deal unconstitutional, the court objected to a clause that would have prevented major regulatory changes for 10 years, inserted to encourage investment.
- The main stakeholders in the fields, Noble Energy (NYSE:NBL) and Israeli partner Delek Group (OTCPK:DGRLY), had argued that the stability clause was required for them to make the investments necessary to develop the fields.
- The deal will be suspended for one year, during which time the Netanyahu government will be required to amend it and potentially put the details to a vote in the Knesset.
Mon, Mar. 21, 10:32 AM
- Noble Energy (NBL -1.2%) and Delek Group (OTCPK:DGRLY), partners in Israel’s Leviathan natural gas discovery, are seeking to raise $3.5B-$4B to develop the offshore field and are in talks with banks on funding plans, Bloomberg reports.
- The companies are negotiating with lenders including Deutsche Bank, Citigroup, HSBC, BNP Paribas, JPMorgan Chase and Natixis to cover ~65% of the development costs, with the remainder possibly coming from bond sales or equity, according to the report.
- The partners also are said to be negotiating to export ~10B cm/year of natural gas to Turkey, which would be worth ~$2B/year; in November, they began talks with an Egyptian-led group of non-government gas consumers and distributors to supply as much as 4B cm/year of natural gas for 10-15 years.