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AVOGF vs. ETF Alternatives
Sun, Jun. 29, 9:53 AM
- The partners in Israel's Leviathan natural gas field, including Noble Energy (NBL), Delek Group (DGRLY) and Ratio Oil (RTEXF) have announced a newly signed preliminary agreement with BG Group (BRGYY, BRGXF), for a deal exporting gas to BG's LNG plant in Idku, Egypt.
- Although still far from finalized, the deal may be valued at $30B, and would supply an annual 7B cubic meters of gas to BG for 15 years. The final agreement is expected to be completed by the end of the year.
Wed, May. 21, 5:00 AM
- Woodside Petroleum (WOPEF) has dropped an agreement to acquire a 25% stake in the massive Leviathan natural-gas field off the coast of Israel for up to $2.7B.
- One reason for the withdrawal was a dispute over exports: the existing owners, which include Noble Energy (NBL), mainly want to pipe the gas to countries close to Israel such as Jordan and Turkey, whereas Woodside would prefer to use its LNG expertise to sell to more distant markets.
- Another problem was a tax dispute with the Israeli government.
- In addition to Noble, Leviathan's owners are Delek Group (DGRLY) and Ratio Oil (RTEXF).
- The collapse of the deal raises questions about Woodside's growth prospects, with speculation rising that it might now look at acquisitions.
Sun, May. 11, 5:47 AM
- Delek Drilling (DKDRF) and Avner Oil (AVOGF) have raised $2B in international bonds that the companies will use to finance the development of the massive Leviathan natural-gas field off the coast of Israel.
- The offering attracted demand of $13.5B and was over-subscribed by 650%.
- Avner and Delek Drilling, which are subsidiaries of Delek Group (DGRLY), hold a combined 45.34% in Leviathon, while Noble Energy (NBL) owns a stake of 39.66% and is the field's operator. Ratio Oil (RTEXF) holds the remaining 15%; Australia's Woodside Petroleum (WOPEF) has agreed to buy 30% from the partners.
- ETFs: GHYG, IBND, PICB, CEMB, GLCB
Mon, May. 5, 4:59 PM
- Noble Energy (NBL) announces a preliminary agreement between the Tamar field partners and Union Fenosa Gas for the supply of natural gas from the field offshore Israel to UFG's existing natural gas liquefaction facilities in Egypt.
- The deal contemplates a contract term of 15 years and a total gross sales quantity of up to 2.5T cf of natural gas, or ~440M cf/day over the period.
- NBL operates Tamar with a 36% working interest; other interest owners include Isramco (ISRL), Delek Drilling (DKDRF) and Avner Oil (AVOGF).
Wed, Apr. 16, 3:17 PM
- Noble Energy (NBL +1.2%) - together with its Israeli partners Delek Drilling (DKDRF), Avner Oil (AVOGF) and Ratio Oil in developing the Leviathan gas field - has bid to supply gas to a Cypriot power station, according to Globes.
- The deal is expected to be worth ~$3B, and the report says NBL and its partners stand a good chance of winning the tender.
- The partners have signed two foreign gas supply contracts this year: a $500M deal with Jordan's Arab Potash Co. and a $1.2B contract with the Palestinian Authority.
Thu, Apr. 3, 12:55 PM
- A tax dispute between Israel and Australia's Woodside Petroleum (WOPEF, WOPEY) threatens to delay gas production from the giant Leviathan field, while the government is also forcing oil firms to spend more on pipelines than they expected.
- In the tax dispute, the government wants to depreciate Woodside's initial $1.2B investment over the 30-year lifespan of the Leviathan field, while the company argues for a shorter 10-year term, and a shorter depreciation period shields more of Woodside's investment from tax.
- At the same time that tax issues delay the entry of a critical partner, the government secured pledges from the four Leviathan stakeholders - Noble Energy (NBL), Delek Drilling (DKDRF), Avner (AVOGF) and Ratio Oil for the construction of 12B cm of pipeline capacity from Leviathan to Israel.
- The squeeze could push the project $1B or more over budget, a source tells Reuters.
Wed, Mar. 12, 7:56 AM
- Partners in Israel's offshore Tamar natural gas field sign their second domestic supply deal this week; the two deals this week will supply ~7.8B cubic meters of gas over 15 years, likely worth $1.75B.
- Major stakeholders in Tamar include Noble Energy (NBL), which controls 36%; Delek Drilling (DKDRF), a Delek Group subsidiary (DGRLY), which holds 15.6%; and Avner Oil and Gas (AVOGF), another Delek Group subsidiary, also with 15.6%.
- The Tamar field, estimated to contain ~9T cubic feet of gas, began production in March and has signed supply deals with several Israeli corporations.
Wed, Jan. 1, 4:38 AM
- The group that is drilling for gas at the huge Leviathan field off the coast of Israel is in "advanced negotiations" with the government to sell two smaller reserves in order to assuage antitrust concerns.
- The consortium comprises Noble Energy (NBL) and Delek Group (DGRLY) units Delek Drilling (DKDRF) and Avner Oil & Gas (AVOGF).
- The areas under discussion, called Tanin and Karish, hold combined estimated reserves of 3T cubic feet, well below the consortium's other resources - Leviathan has 19T cf and Tamar 10T cf.
- Once an agreement is reached, the group will have a reported 2.5-4 years to sell the assets.
Dec. 31, 2013, 8:58 AM
- Israeli conglomerate Delek Group (DGRLY, DLKGF) is examining a spinoff of its oil and gas activities, saying it could help maximize value for shareholders by separately listing a bunch of assets which one analyst values at ~$3.6B.
- Delek would transfer to the new company its holdings in Delek Energy Systems (DLKNF), Delek Drilling (DKDRF), Avner Oil (AVOGF) and others, and would include rights to receive royalties from the energy sector.
- UBS analyst Roni Biron says Delek is the only Israeli E&P vehicle not structured as a limited partnership, and its holding structure had made it less popular among international investors.
Dec. 30, 2013, 1:49 PM
- Israel's lack of preparations for exporting offshore natural gas have postponed drilling and threaten a $2.3B investment from Australia’s Woodside Petroleum (WOPEF, WOPEY), which is examining other options in case details of drilling at the Leviathan gas field aren’t settled in H1 2014, Bloomberg reports.
- The 2010 discovery of Leviathan, then the biggest offshore find in a decade, looked like it would provide a bonanza for Israel, but after taking two years to decide how much gas to export, Israel hasn’t agreed on details such as where to build refineries, and partners are still discussing how to transport the fuel.
- The delays have contributed to a big drop this month in shares of Delek Group (DGRLY, DLKGF), the project’s biggest Israeli partner, and smaller losses in Noble Energy (NBL) and Avner Oil (AVOGF).
Dec. 18, 2013, 11:49 AM
- Noble Energy's (NBL -1.2%) Israeli partners in developing the offshore Leviathan field are distancing themselves from NBL's comments about the estimated oil potential, saying the new estimates aren't in accordance with Israeli reporting regulations.
- NBL has increased its estimate to 1.5B barrels of oil in the field, with an additional 1.5B barrels in a nearby Cyprus field it also controls with Israeli partners.
- Tel Aviv Stock Exchange requirements about how energy companies can publish reserve estimates often are more stringent requirements than the SEC.
- Noble's Israeli partners include Delek Drilling (DKDRF) and Avner Oil (AVOGF).
Dec. 9, 2013, 8:19 AM
- Noble Energy (NBL) says it could launch a fresh appraisal of natural gas resources off Cyprus next year and look for new hydrocarbon sources in the same area.
- An appraisal drilling to verify the 2011 find has yielded on average 4.1T cu. ft. of gas, Noble's Israel partners Delek Drilling (DKDRF) and Avner Oil (AVOGF) said last week, lower than the 5T cu. ft. announced in October soon after the conclusion of the appraisal on the well.
- Based on the assessment of data, NBL could by April 2014 decide on where a fresh exploratory drill will take place.
Dec. 4, 2013, 8:58 AM
- The partners in Israel's Tamar natural gas field sign a seven-year deal to sell $105M worth of gas to Delek Israel, which owns and operates gasoline stations across the country and plans to start selling compressed natural gas at its stations in coming years.
- Tamar, which began production in March, is estimated to hold more than 280B cm of gas; Noble Energy (NBL) owns a 36% stake in the field, while Delek Group (DGRLY, DLKGF) holds a 31.25% stake through its units Avner Oil (AVOGF) and Delek Drilling (DKDRF).
Nov. 26, 2013, 7:34 AM
- Delek Drilling (DKDRF) has found significant signs of a new natural gas deposit at the Tamar Southwest field off Israel's Mediterranean coast.
- Earlier estimates have said that the reserve could hold 20B cubic meters of gas.
- Delek Drilling's partners in the project are Isramco Negev 2, Avner Oil Exploration (AVOGF) and Dor Gas Exploration. Delek Drilling and Avner are subsidiaries of Delek Group (DGRLY).
- The deposit is close to the Tamar field, which is estimated to hold 10T cubic feet of gas.
- ETFs: GAZ, UGAZ, BOIL, DGAZ, KOLD, NAGS, GASZ, DCNG
Nov. 7, 2013, 9:49 AM
- Cyprus and France's Total (TOT -0.8%) sign a memorandum of understanding on the feasibility of participating in a liquefied natural gas project on the island.
- The bailed-out country hopes the terminal, which will cost ~$6B to build, will be used as a hub for exports from the region; officials estimate work could start in 2016 to facilitate exports by ~2020.
- Cyprus already has signed a similar deal with Noble Energy (NBL) and Israel’s Delek (DKDRF) and Avner (AVOGF) to develop a Cypriot gas field that’s estimated to contain 3.6T-6T cf of gas.
Sep. 10, 2013, 9:11 AM
- The partners in Israel's Tamar natural gas field, led by Noble Energy (NBL), decide to move ahead with an exploration probe at a nearby reservoir believed to contain ~684B cf of gas.
- The drill, which will reach a depth of 5,300 meters below sea level, will cost $122M and last about four months, the companies say.
- Noble (NBL) owns 36% of Tamar while Delek Drilling (DKDRF.OB) and Avner Oil Exploration (AVOGF.PK) each 15.625%.
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