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Thu, Aug. 21, 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.
Sun, Jul. 13, 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.
Sun, Jun. 29, 10:30 AM| Comment!
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.
Thu, Jun. 19, 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.
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. 18, 4:13 AM| Comment!
Thu, May. 15, 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.
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
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.
Fri, Feb. 7, 7:51 AM
- Israel takes a step closer to becoming a natural gas exporter after Australia's Woodside Petroleum (WOPEF, WOPEY) signs a preliminary agreement to buy a 25% stake in the east Mediterranean Leviathan gas field for up to $2.55B.
- Noble Energy (NBL) will remain the project's lead partner with a 30% stake, while the other groups involved, Israel's Delek Group (DGRLY, DLKGF), Avner Oil and Ratio Oil, will each sell one-quarter of their stakes to Woodside.
- Leviathan is estimated to hold ~19T cf of natural gas, enough to supply all of Europe for more than a year.
Mon, Jan. 6, 8:07 AM
- Noble Energy (NBL) and its partners in the giant Leviathan gas field offshore Israel secure their first supply deal, a 20-year agreement to sell $1.2B worth of gas to the Palestine Power Generation Company.
- The Leviathan group will sell a total of up to 4.75B cm of natural gas once Leviathan starts production in 2016 or 2017, says Delek Group (DGRLY, DLKGF) one of the partners.
- PPGC plans to build a $300M power plant in Jenin in the Palestinian-controlled West Bank to be operated by the gas from Leviathan.
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. 13, 2013, 2:25 PM
- Noble Energy (NBL -1%) and Delek Group (DGRLY), which are developing natural gas fields offshore Israel, are nearing a politically sensitive deal to supply gas to Jordan, WSJ reports.
- The deal would involve extending a gas pipeline from an Israeli chemical plant to a fertilizer plant in Jordan owned by Arab Potash, which is 28% owned by Potash Corp (POT).
- A deal would move Israel closer to exporting energy for the first time in its history, and could open a major economic link and provide a springboard for a much bigger supply deal between the neighboring countries.
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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