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

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

Norwegian Oil Investment Will Peak in '25

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

CNOOC Brings New Offshore Gas Field On Stream

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

Santos and QatarEnergy Agree Mid-Term LNG Supply

PTTEP Hires Energy Drilling’s Rig for Southeast Asia Offshore Job

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

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