12 Jan, 2020 13:03
Kobi Yeshayahou
Tamar Petroleum Ltd. (TASE: TMRP) has seen its share price fall sharply today after the company's board decided to postpone a secondary offering of NIS 140 million due to "market conditions." The company's share price is down 12% today and is down 50% over the past year.
Tamar Petroleum was founded by Delek Group Ltd. (TASE: DLEKG) and its energy exploration and production unit Delek Drilling LP (TASE: DEDR.L) in 2017 as a special vehicle to sell its holding in the Tamar offshore gas field after the government insisted Delek sell its stake in either the Tamar or Leviathan fields to prevent it gaining a monopolistic stranglehold on Israel's gas market. After offerings by Delek and Noble Energy Inc. (NYSE: NBL), Tamar Petroleum today holds a 16.75% stake in the Tamar field along with Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) (28.75%), Noble Energy (25%), Delek Drilling LP (TASE: DEDR.L) (22%), Alon Natural Gas Exploration Ltd. (TASE: ALGS) (4%), and Everest infrastructure Fund (3.5%).
SEPTEMBER 24, 2017 / 10:03 AMReporting by Ari Rabinovitch; editing by Jason Neely
JERUSALEM, Sept 24 (Reuters) - A shutdown at Israel’s Tamar natural gas field caused by a cracked pipe is not expected to have a significant impact on quarterly revenue, and the problem will likely be resolved this week, the partners behind the project said on Sunday.
The stoppage, however, will take a toll on the country’s power stations, which have been forced to turn to more expensive fuels to generate electricity.
After a bruising battle over the gas framework agreement and competition issues, the government is now determined to inject more competition into the industry.
Avi Bar-Eli Oct 19, 2016 12:27 AM
Delek Group and Noble Energy – the two biggest players in Israel’s gas industry – will be barred from bidding in the government tender for new exploration sites scheduled for next month, Energy Ministry officials have decided.
The decision means that the two companies, which are the biggest partners in the Tamar and Leviathan gas fields, will not be able to compete for licenses for 24 blocs due to be auctioned by the government in a process that gets underway November 15.
The tender marks the first time in four-and-a-half years that Israel is opening up new licenses for exploration, with hopes of boosting output in the coming years and turning the country into a major energy exporter. Israel has about 900 billion cubic meters of gas reserves, a number that Energy Minister Yuval Steinitz says could grow to 2,200 BCM, enabling Israel to export to markets such as Turkey and Europe.
August 25th, 2016, 9:30amYa'acov Zalel
The Tamar partnership ended the first six months of 2016 with new production and financial records. It reported production of 4.5 bn m³, up 0.7 bn m³ or 18.4% from the year before and 214,000 barrels of condensate up 36,000 for the period. However, because of slightly lower average gas prices in the Israeli market, revenues and income gains lagged behind the production increase.
Total revenues for the first six months totalled $792mn, up $95mn or 13.6%. The average natural gas price was down 4% at $5.17/mn Btu. Revenues from gas were at $789mn and the rest, about $10mn, were from condensate. Helping was an instruction by the energy ministry to replace 15% of the coal used in power generation with gas. Operational expenses fell by 13.7% to $67mn or 8.4% of the revenues. Combined income before taxes for all four partners was $427mn, up $46mn from the first half of 2015.
30/05/2016, Hedy Cohen
The government is in dispute with the gas exploration companies because the Tamar Southwest field extends into the license.
Delek Group Ltd. (TASE: DLEKG) and Noble Energy Inc. (NYSE: NBL) will begin arbitration proceedings with the Israeli government over the Eran license. The license was expropriated from the energy exploration companies more than two and a half years ago and the issue remains in dispute. The problem is that part of the Tamar Southwest field owned by the companies extends into the license. Noble Energy and Delek agreed to the arbitration more than a month ago and today Minister of National Infrastructures, Energy and Water Resources Yuval Steinitz agreed that the arbitration will be conducted by former Supreme Court President Asher Grunis.
April 03rd, 2016
Tamar’s performance last year proved a great one for its partners, according to NGE analysis. A robust growth in production to 8.3 bn m3 (+10.6%) was translated into a good set of financial data. Revenues grew 3.2% to $1.53bn while the operating cost grew by just 0.1% to $148.2mn, operating profit grew by 4.6% to $953mn, 62.2% of revenues, and net income totaled $751mn, (+18.3%) 49% of the revenues.
From an accounting point of view Tamar gas field is unusual as it is the five partners’ only asset in Israel and an isolated operating unit. This makes it easy to identify all its revenues, expenses, financial transaction and future cash flows.
The five partners are US Noble Energy with 36% and operator; Delek Group subsidiaries Delek Drilling and Avner each have 16.325%; Isramco has 28.75% and Alon Gas Exploration the remaining 4%.
