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, Feb. 1, 11:57 AM
- Noble Energy (NYSE:NBL) and Delek Group (OTCPK:DGRLY) say they have signed the first contract to supply fuel from the country’s largest gas reserves, the offshore Leviathan field.
- The Leviathan partners will supply 6B cm of gas over 18 years to two power stations owned by local electricity producer Edeltech.
- “This deal marks a beginning. We are advancing more agreements with customers in Israel, Jordan, Egypt and Turkey,” Delek Drilling CEO Yossi Abu tells Bloomberg.
- NBL -3.8%.
Aug. 31, 2015, 12:27 PM
- Eni’s (E +2.6%) discovery of a “super giant” natural gas field off the Egyptian coast will help make the company’s cash flow position "much more robust" and "positively" affect its dividend, CEO Claudio Descalzi says.
- Eni says the deepwater deposit in the Zohr Prospect in the Shorouk block may hold 30T cf of gas; the CEO hopes Eni can begin producing gas "in a couple of years,” the development will be “low cost” since it is located near facilities it has in the area, and the company is open to selling a stake in the field.
- The huge find could help meet energy-starved Egypt's gas needs for decades and complicate Israel's plans to export gas to Egypt; companies including Noble Energy (NBL -2.3%) and Delek Group (OTCPK:DGRLY -9.6%), which are developing gas fields in Israel, have been pushing plans to export the fuel to Egypt, Jordan and the Palestinian territories.
Aug. 13, 2015, 9:10 AM
- Noble Energy (NYSE:NBL) +1.9% premarket after Israel's government said it reached a deal that will pave the way for the development of the Leviathan natural gas field.
- The controversial deal initially revealed in June will allow NBL and Israel's Delek Group (OTCPK:DGRLY) to keep ownership of Leviathan but require the sale of other assets, including stakes in the Tamar deposit.
- The deal sets a price ceiling for gas sales to Israeli companies and commits the consortium to invest $1.5B into developing Leviathan over the next two years; the field contains ~22T cf of gas, which is expected to provide billions of dollars in revenue to Israel.
- PM Netanyahu earlier this week won crucial backing for the agreement from the central bank.
Aug. 10, 2015, 10:15 AM
- Bank of Israel Governor Karnit Flug backs a disputed government plan to develop the country's natural gas industry that would allow Noble Energy (NBL +1.5%) and Delek Group (OTCPK:DGRLY) to keep ownership of the Leviathan offshore field.
- Flug says would speed up development of Leviathan and other smaller fields, and would bring "more stable regulation of the natural gas economy," making it easier to progress with financing and development.
- The outline agreement lets NBL and Delek to keep Leviathan, with estimated reserves of 22T cf, but requires the companies to sell off other assets including stakes in the large Tamar deposit.
Feb. 24, 2015, 12:43 PM
- Israel's competition regulator has delayed a decision on whether to declare the country's natural gas fields a monopoly for two months to allow time for an agreed solution to be reached.
- Noble Energy (NBL +1.7%) and Israel's Delek Group (OTCPK:DGRLY) own 85% of the Leviathan gas field off the Mediterranean coast, and also control the nearby Tamar well, a situation Israel's antitrust commissioner said in December created a monopoly.
- Leviathan is one of the world's largest offshore gas finds to be made in the last decade, with an estimated 22T cf of reserves; production had been expected to begin in 2018 following an initial development investment of ~$6.5B.
Feb. 19, 2015, 3:40 PM
- Noble Energy (NBL -2.1%) says its disputes with Israel’s antitrust regulators has forced it to stall virtually all of its investments this year in two massive offshore natural gas fields in the Mediterranean Sea.
- In today's earnings call, CEO David Stover called Israel's antitrust decision an example of the uncertain regulatory environment in the country and said the two sides must come to an agreement before NBL could invest significantly in Israel’s energy sector.
- The two offshore gas fields, the Leviathan and the Tamar, hold the vast majority of Israel’s gas reserves, with more than enough to feed domestic demand, bring down electricity costs in the nation and have more gas for exports; NBL and Delek Group (OTCPK:DGRLY) own the majority of both fields.
- Stover said NBL had signed a letter of intent with a customer in Egypt to supply up to 250M cf/day of gas from Tamar, but it has not booked any of the sales because of the impasse with Israel’s government.
May 15, 2014, 7:51 AM
- Israel's Delek Group (DGRLY) says its stake in Delek US Holdings (DK) will fall to 9.8% and it will raise 954M shekels ($276M) from the sale of 9.2M shares.
- Delek Group, which owns stakes in the giant Tamar and Leviathan natural gas fields off Israel's Mediterranean coast, has been seeking to divest other holdings to raise funds.
- Also, Delek US announces the pricing of the secondary offering at $30/share.
- DK -2.5% premarket after falling 3.3% during yesterday's trade.
Aug. 6, 2013, 11:52 AM
- A Noble Energy (NBL -1.7%)-led group is in talks to export natural gas from discoveries off Israel to Europe via a pipeline to Turkey and other Middle East countries.
- NBL is looking to develop the 19T-cf Leviathan field in partnership with local players Delek Drilling, Avner and Ratio Oil, with first gas production expected in 2016.
- Deals could be signed soon depending on the outcome of a case before Israel's High Court over the amount of exports allowed, a Delek spokesman says.
Mar. 12, 2013, 12:18 PM
The Delek Group, that began in 1951 as the Delek, Israel Fuel Corporation, is listed on the Tel Aviv Stock Exchange and is controlled by internationally renowned businessman, Mr. Isaac Tshuva. The Delek Group, Israel's dominant integrated energy company, is the pioneering leader of the natural... More
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