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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, 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.
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!
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
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. 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).
Mar. 31, 2013, 4:57 AMIsrael has started production of natural gas from its offshore Tamar field, taking the country further along the road towards energy independence. The news is also a boon to the companies who have been developing Tamar - which holds 10T cubic feet of gas - including Noble Energy (NBL) and Delek Group (DGRLY.PK). | 3 Comments
Dec. 3, 2012, 5:17 AMAustralia's Woodside Petroleum (WOPEF.PK) agrees to acquire a 30% stake in Israel's massive Leviathan offshore gas field from the operators of the reserve, which include Noble Energy (NBL) and Delek Drilling (DKDRF.OB). Woodside will pay an initial $696M and as much as $550M once certain conditions are met, as well as revenue-sharing money of up to $1B a year. Noble's stake will fall to 30% from 39.66%. (PR) | Comment!
Oct. 22, 2012, 5:15 AMAustralia's Woodside Petroleum bids for a stake in the massive Leviathan natural gas field off the coast of Israel in which up to 30% of the rights are being sold. The Globes newspaper reports that Woodside's offer values Leviathan at $7.5B, 50% greater than analyst estimates. Other leading bidders include Gazprom and Korea Gas, although Noble Energy (NBL), which owns 40% in Leviathan, prefers a Western Partner. | Comment!
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DLKGF 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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