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DKDRF vs. ETF Alternatives
Delek Group is today one of the largest and most dynamic investment holding groups based out of Israel.
Wednesday, Apr 163:17 PM
Wednesday, Apr 163:17 PM| 1 Comment
- 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.
Thursday, Apr 312:55 PM
Thursday, Apr 312:55 PM| 2 Comments
- 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.
Wednesday, Mar 127:56 AM
Wednesday, Mar 127:56 AM| 1 Comment
- 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.
Thursday, Mar 69:46 AM
Thursday, Mar 69:46 AM| 1 Comment
- Italy's Edison, the utility owned by Electricite de France (ECIFF), is in talks to buy two Israeli gas fields, which are estimated to hold up to 50B-70B cubic meters combined, from Noble Energy (NBL) and Delek Drilling (DKDRF), Reuters reports.
- The U.S. and Israeli companies developing the huge Leviathan natural gas field offshore Israel, and must sell their stake in two smaller fields to avoid being branded a cartel by the anti-trust authority.
Wednesday, Jan 14:38 AM
Wednesday, Jan 14:38 AM| Comment!
- 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.
Tuesday, Dec 312013, 8:58 AM
Tuesday, Dec 312013, 8:58 AM| Comment!
- 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.
Wednesday, Dec 182013, 11:49 AM
Wednesday, Dec 182013, 11:49 AM| Comment!
- 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).
Monday, Dec 92013, 8:19 AM
Monday, Dec 92013, 8:19 AM| Comment!
- 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.
Wednesday, Dec 42013, 8:58 AM
Wednesday, Dec 42013, 8:58 AM| Comment!
- 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).
Tuesday, Nov 262013, 7:34 AM
Tuesday, Nov 262013, 7:34 AM| Comment!
- 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
Thursday, Nov 72013, 9:49 AM
Thursday, Nov 72013, 9:49 AM| Comment!
- 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.
Tuesday, Sep 102013, 9:11 AM
Tuesday, Sep 102013, 9:11 AM| Comment!
- 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%.
Monday, Aug 262013, 2:35 PM
Monday, Aug 262013, 2:35 PM| 1 Comment
- As energy firms rethink their commitment to Egypt, Israeli gas consortiums that own the Tamar and Leviathan gas fields are in talks to sell a portion of their gas to Egyptian customers, according to Globes.
- The report cites a notice to the Tel Aviv stock exchange by Delek Drilling (DKDRF.OB), a partner in the consortium; Noble Energy (NBL) owns a 36% stake in Tamar and a 39.6% stake in Leviathan.
- LNG plants at Damietta and Idku are operated by BG Group, and a joint venture of Italy's Eni (E) and Spain's Gas Natural SDG; exporting more gas would allow them to boost production after billions of dollars were invested in building the plants.
Wednesday, Aug 212013, 10:19 AM
Wednesday, Aug 212013, 10:19 AM| 1 Comment
- The Israeli partners in the Tamar offshore natural gas field say two nearby reservoirs contain ~0.7T cf of natural gas but have not yet made a decision on whether they will develop the reservoirs.
- Noble Energy (NBL) owns 36% of Tamar, while Delek Drilling (DKDRF.OB) and Avner Oil (AVOGF.PK), both subsidiaries of Delek Group (DGRLY.PK), hold 15.625% each; Isramco Negev holds 28.75%.
- Tamar holds an estimated 10T cf of gas.
Tuesday, Aug 62013, 11:52 AM
Tuesday, Aug 62013, 11:52 AM| Comment!
- 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.
Monday, Jul 292013, 2:07 PM
Monday, Jul 292013, 2:07 PM| 1 Comment
- Woodside Energy's (WOPEY.PK, WOPEF.PK) deal to take a 30% stake in Noble's (NBL -2.1%) Leviathan field off the Israeli coast is on the verge of collapse due to NBL's decision to build a pipeline to Turkey instead of developing an LNG plant, as well as the decreased amount of Leviathan gas that will be available for export, Globes reports.
- Shares also were downgraded to Neutral from Buy at BAML.