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.
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).
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, 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.
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 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
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