Delek Drilling to Spin Off Tamar Stake

Monday, November 19, 2018

Israel's Delek Drilling is looking to spin off its remaining 22 percent stake in the offshore Tamar gas field in 2019, the company's chief executive said on Monday.

Last year Delek spun off an initial 9.25 percent of Tamar into a new company in Tel Aviv called Tamar Petroleum. It said at the time it expected to get $980 million for the sale.

CEO Yossi Abu said Delek Drilling is now focusing abroad, including the Euronext market, since the local market is already saturated for Tamar.

"We are looking to duplicate what we did with Tamar Petroleum but in the international market. It's a process that is gaining momentum and we hope to finish it in 2019," Abu said at the Israel Energy & Business Convention.

Delek and its partners discovered Tamar in 2009 and began producing gas from the field in 2013. It is Israel's second biggest gas reserve behind Leviathan, in which Delek also has a major stake.

In an effort to open the energy market to competition, the Israeli government is forcing Delek, which is a unit of conglomerate Delek Group, to sell its share in Tamar.

Tamar is Israel's leading gas supplier and its owners have signed a multi-billion dollar export deal with an Egyptian buyer.

Abu said he hopes they will start exporting gas to Egypt in the first half of 2019.

Tamar Petroleum has since expanded its stake in the field to 16.75 percent. Other shareholders are Texas-based Noble Energy with a 25 percent stake, Isramco with 28.75 percent, Dor Gas with 4 percent, and Everest Infrastructures holds the remaining 3.5 percent.


(Reporting by Ari Rabinovitch; Editing by Tova Cohen and Adrian Croft)

Categories: Finance Middle East Offshore Energy Production Natural Gas

Related Stories

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Wood JV Gets EPC Job for Shell off Brunei

CNOOC Starts Production at Offshore Field in South China Sea

Petrovietnam, Petronas Extend PSC for Offshore Block

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Keel Laying for Wind Flyer Trimaran Crew Boat

Argentina YPF to Shed Offshore Exploration Projects

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

Current News

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com