Tue, Feb. 24, 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.
Thu, Feb. 19, 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.
Tue, Feb. 3, 8:59 AM
- Israel's energy minister reiterates that natural gas companies operating offshore will need to sell some of their reserves to avoid being deemed a monopoly, reinforcing a stance against control of the assets by Noble Energy (NYSE:NBL) and Delek Group (OTCPK:DGRLY).
- The comments were the most explicit since Israel's antitrust authority said in December the U.S.-Israeli partners who discovered two large natural gas fields in the eastern Mediterranean may constitute a monopoly.
- The minister says the government is working to find a balance between increasing competition and making it worthwhile for companies to ensure the offshore Tamar and Leviathan fields are developed.
Dec. 23, 2014, 7:50 AM
- Noble Energy (NYSE:NBL) and Delek Group (OTCQX:DGRLY) could lose part of their combined 85% ownership of Israel's giant Leviathan natural gas field, as the country's antitrust regulator considers allowing other companies to hold stakes in the field.
- Reopening the agreement would “cause regulatory uncertainty and seriously delay the development of the Leviathan field,” an Israeli analyst says.
- The Israeli firms involved in the project, including Delek, Avner Oil (OTCPK:AVOGF) and Ratio Oil (OTC:RTEXF), all dropped sharply on the Tel Aviv exchange.
- The Leviathan gas field was discovered off Israel’s Mediterranean coast in 2010, a year after the smaller Tamar site was found; together, they hold ~29T cf of gas.
Dec. 15, 2014, 6:54 AM
- Delek Group (OTCQX:DGRLY) has failed to reach an agreement to sell its controlling stake in Phoenix Holdings (OTC:IPHXF) to the Kushner Group after the two could not reach an understanding for entering into a binding agreement.
- Delek previously signed a non-binding memorandum of understanding to sell a 47% stake in Phoenix to Kushner for $434M.
Sep. 3, 2014, 6:56 AM
- After many meetings with Jordanian officials, Israel will sign a deal to supply natural gas from its Leviathan field to Jordan for 15 years. The deal is said to be worth about $15B.
- Leviathan, which holds an estimated 22T cubic feet of gas, is controlled by Noble Energy (NYSE:NBL), Delek Group (OTCQX:DGRLY) and Ratio Oil (OTC:RTEXF).
Aug. 21, 2014, 7:19 PM
- Amid the latest flareup of Middle East violence, one-time enemies Israel and Egypt are negotiating deals that may mean the sale of $60B in Israeli natural gas to liquefaction plants in Egypt.
- Executives at Noble Energy (NYSE:NBL) and units of Israel’s Delek Group said this week they expect to finalize by year-end agreements to deliver as much as 6.2T cf of gas over 15 years from the Tamar and Leviathan offshore fields to LNG facilities in Egypt.
- For Israel, the two fields have more than enough gas to supply it for decades, so it is seeking a way to export the excess, and shipping it to Egypt would be faster than building LNG plants; the Russia-Ukraine crisis has made energy security a top priority for Europe, which will be scrutinizing all potential energy sources.
Jul. 13, 2014, 7:03 AM
- The gas reserve estimate for Israel's Leviathan natural gas field has been raised by 16%, increasing from 18.9 to 21.9 trillion cubic feet.
- The partners in the field, including Noble Energy (NBL), Delek Group (DGRLY) and Ratio Oil (RTEXF), already announced last month a $30B preliminary agreement with BG Group for exporting gas to BG's LNG plant in Egypt. Under government regulation, only 40% of the gas reserves will be allowed to be exported.
- Production is scheduled to begin in 2017.
Jun. 29, 2014, 10:30 AM| Comment!
Jun. 29, 2014, 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.
Jun. 19, 2014, 8:35 AM
- Cnooc (CEO) reportedly is in talks to buy 30%-40% of the Aphrodite gas field in Cyprus; Noble Energy (NBL) owns 70% of the rights of the field, and Delek Group (DGRLY) energy exploration units Avner Oil and Gas and Delek Drilling each own 15%.
- Aphrodite contains ~4T cf of natural gas, enough to justify developing an FLNG which would allow Cnooc to export gas to Chinese companies.
- Woodside Petroleum (WOPEF, WOPEY), a partner in the Leviathan field offshore Israel, also is interested in becoming a partner in the Cypriot field, but Cnooc is said to have a better chance of concluding a deal.
May. 21, 2014, 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.
May. 18, 2014, 4:13 AM| Comment!
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.
May. 11, 2014, 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
Mar. 12, 2014, 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.
DGRLY vs. ETF Alternatives
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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