Wallace Appointed CEO of Israel’s Delek Group - JOURNAL OF PETROLEUM TECHNOLOGY (JPT)

27 November 2019

Idan Wallace, currently deputy chief executive officer of Israeli independent Delek Group, will succeed Asaf Bartfeld as CEO beginning 1 January 2020. Bartfeld is retiring after 30 years with the company.

Wallace, deputy CEO since 2015, is also the CEO of Tshuva Group, a group of private companies owned by Yitzhak Tshuva, Delek Group’s controlling shareholder. Since 2010, he has served as a strategic advisor to the CEOs of Delek Energy, Delek Drilling, and Avner Oil Exploration.

Bartfeld, president and CEO since 2003, has held multiple senior positions at Delek Group, including chief financial officer. He currently serves as chairman or director of several Delek Group subsidiaries and affiliates.

Jumbo Offshore wins contract from TechnipFMC for Leviathan field - OFFSHORE TECHNOLOGY

7 NOVEMBER 2018

Jumbo Offshore has secured a contract from TechnipFMC to deliver transportation and installation services at the Leviathan development, located in the eastern Mediterranean region offshore Israel.

TechnipFMC is working on a project that comprises a subsea production system connecting subsea wells to a fixed platform located 10km off the coast of Israel.

Under the terms of the contract, Jumbo is responsible for lowering a 410t subsea production manifold onto the seabed at a water depth of 1643m.

The company is also required to install various other subsea isolation valves (SSIVs) and valve skids at a water depth of 86m.

“Jumbo will appoint one of her offshore heavy-lift crane vessels (HLCVs) to complete this project in early 2019.”

The scope of the contract also includes transportation of various equipment from the US Gulf Coast to Eastern Mediterranean.

Deconstructing the Leviathan: The future of how Israel fuels itself? - THE JERUSALEM POST

OCTOBER 14, 2018 06:34 

Erica Schachne

 
Noble Energy’s plan to extract natural gas via the game-changing pipe seems like a win-win for the Israeli government, the Israeli people and neighbors like Jordan, Egypt and Cyprus.

• Noble Energy to sell $800 million stake of Tamar natural-gas field
• Noble Energy, partners acquire Egypt-Israel gas pipeline stake for $518m

The process of culling natural gas from the massive Leviathan pipeline, expected to be the largest infrastructure project in Israel’s history and a boon to the Israeli economy, is very much on its way.

This past summer, I joined Noble Energy’s trip to its Texas-based offices and operations to learn precisely how it was constructing Leviathan, set to go in waters 9.7 kilometers off the Haifa coast. Noble finally kicked off the project in 2017 – almost seven years after many billions of shekels worth of natural gas was first found in the colossal Mediterranean Sea field off Dor Beach. The discovery came around a year after the Tamar field was found, with the gas there also being extracted by Noble.

Israeli energy firms Delek Drilling, Avner Oil to finally merge - REUTERS

Yossi Abu, CEO of Delek's subsidiaries Delek Drilling & Avner Oil 

Wed May 17, 2017 | 6:34am EDT
Reporting by Ari Rabinovitch

Israel's Delek Drilling (DEDRp.TA) and Avner Oil (AVNRp.TA), both units of conglomerate Delek Group (DLEKG.TA), said on Wednesday they have completed a long-awaited merger and will begin trading next week as one company.

The new entity will keep the name Delek Drilling and will have a market value in Tel Aviv of about 16 billion shekels ($4.4 billion).

It is through Delek Drilling and Avner Oil that Delek Group owns major stakes in the large Israeli offshore natural gas fields Tamar, which began production in 2013, and Leviathan, which is due to come online in late 2019.

Delek Drilling also said in a statement that exports from Tamar to Jordan's Arab Potash Co and Jordan Bromine plants began in January.

Delek Group looks to sell 10 pct stake in Tamar gas field - REUTERS AFRICA

Tue Apr 25, 2017 11:07am GMT
Ari Rabinovitch

JERUSALEM, April 25 (Reuters) - Israeli conglomerate Delek Group said on Tuesday it intends to sell up to a 10 percent stake in the large offshore field Tamar, Israel's main supply of natural gas.

SEE HERE THE PRESS RELEASE

Delek Group subsidiaries Delek Drilling and Avner Oil will each sell up to five percent of their stakes in Tamar, as well as the smaller field Dalit.

Delek said in a statement a new corporation will be set up that will sell securities, including bonds, on the Tel Aviv bourse, to raise money to buy the stake in the gas fields.

Decision regarding the Drilling of the Leviathan-7 Development and Production Well - DELEK GROUP

Tel Aviv, March 14, 2017.

Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that below is an Immediate Report published by each of Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership (jointly “the Partnerships”) concerning the decision to drill the Leviathan-7 development and production well.

Further to the provisions of Section 7.5.9(a)(5) of the Partnerships’ periodic reports as of December 31, 2015, as released on March 28, 2016 (the “Periodic Reports”) regarding the updated development plan for the Leviathan reservoir which is located in the area of the I/14 Leviathan South and I/15 Leviathan North leases (the “Development Plan” and the “Leviathan Project” or the “Leviathan Reservoir”, respectively), of the immediate reports of June 2, 2016 regarding approval of the Development Plan by the Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources (the “Commissioner”), of the immediate reports of December 18, 2016 regarding the decision of the Leviathan partners to drill the “Leviathan-5” appraisal and production well (the “Leviathan-5 Well”), and the immediate reports of February 23, 2017 regarding the adoption of a final investment decision (FID) for the development of the Leviathan Reservoir, the Partnerships respectfully announce that on March 13, 2017, the Leviathan partners made a decision regarding the drilling of the “Leviathan-7” development and production well in the area of the I/14 Leviathan South lease (the “Leviathan-7 Well” or the “Well”).

Set forth below are further details regarding the Well:

Business in Brief: Pipeline for Gas to Turkey Could Be Ready in Four Years, Delek-Avner CEO Says - HAARETZ / REUTERS

TheMarker Mar 03, 2017 12:10 AM

Pipeline for gas to Turkey could be ready in four years, Delek-Avner CEO says
An underwater pipeline connecting Israel’s massive offshore natural gas field Leviathan to Turkey could be built within four years [TEKMOR note: special emphasis on 'could'], one of the partners in the project said Thursday. Israel has been pursuing several regional export deals for its newfound gas reserves and the Leviathan group is moving ahead with development plans since making its final $3.75 billion final investment decision last week.

Yossi Abu, CEO of Delek Drilling and Avner Oil, said a new 500-kilometer (310-mile) pipeline could have gas flowing to Turkey by the end of 2020, about a year after it comes online for the Israeli market. “This is the target,” he told reporters at a news briefing.

Delek Group Dusting Off Plans to Split Itself Into Two - HAARETZ

Delek Group controlling shareholder Yitzhak Tshuva. Tomer Appelbaum

Feb 27, 2017 3:49 AM
Eran Azran 

As sale of Phoenix stalls, conglomerate weighing plan to spin off non-energy businesses into separate company.

Delek Group, the holding company controlled by Yitzhak Tshuva, is reviving plans to split itself into two groups amid expectations that the sale of its insurance company Phoenix to China’s Fujian Yango Group will not win approval from regulators, The Marker has learned.

Delek has sought to reposition itself as a wide-ranging conglomerate, with holdings in everything from energy to real estate, vehicles and insurance, into a group focused on energy exploration.

The Biggest-ever Infrastructure Project in Israel Gets Under Way - HAARETZ

Feb 27, 2017 6:38 AM
Eran Azran 

Plans to develop Phase 1 of the Leviathan gas field were approved last week. TheMarker answers who, what, where, when, why and how much

The largest infrastructure project in Israel’s history is about to get under way, after the partners in the Leviathan offshore natural gas field announced on Thursday the approval of a final investment decision of $3.75 billion in phase one of the project. Gas should be available to the Israeli market by the end of 2019, according to the plan.

It was a long road to the decision, which comes nearly seven years after gas was first discovered at the giant Mediterranean Sea field. During the intervening period, global energy prices collapsed, potential customers came and went and Israel underwent the long and painful process of sorting out its regulatory regime.

Phase one of the plan agreed upon by Noble Energy, Delek Drilling, Avner Oil Exploration and Ratio Oil Exploration involves drilling four subsea wells.

International Conference in Cyprus to focus on Mediterranean gas - FAMAGUSTA GAZETTE

Saturday, 25 February, 2017

Fourth Eastern Mediterranean Gas Conference (EMGC) to take place on 14-15 March in Nicosia aims to explore the region’s potential natural gas resources and the path to production.

The conference organized by Gulf Publishing Company is sponsored by Deloitte and Cyprus Hydrocarbons Company and supported by Tiger Offshore, Petroleum Economist, World Oil, and Gas Processing.

Signing of an Agreement for the Financing of the Delek Group Partnerships’ Share in the Costs of Development of the Leviathan Project - DELEK GROUP

Tel Aviv, February 21, 2017. 

Delek Group (TASE: DLEKG, US ADR: DGRLY) ("the Company") announces that further to immediate report dated November 27, 2016 (Ref No. 2016-01-132058), with regard to a signature of a Commitment Letter for the signing of a financing agreement, the Compnay provides below an Immediate Report submitted by each of Delek Drilling - Limited Partnership and Avner Oil Exploration - Limited Partnership (jointly the 'Partnerships'), concerning signature of a Commitment Letter for the signing of a financing agreement for limited recourse project financing of the Partnerships' share in the development of the Leviathan project.

Leviathan Gears Up For Development Phase As Sanctioning Nears - HART ENERGY

Wednesday, February 15, 2017 - 4:07pm
Velda Addison 

Work to develop the gigantic Leviathan Field in the Mediterranean Sea offshore Israel is progressing with project sanctioning expected sometime this quarter.

Noble Energy Inc. (NYSE: NBL) delivered an update on the field, which holds about 622 Bcm (22 Tcf) of natural gas, during a conference call Feb. 14 after releasing its fourth-quarter 2016 results and outlook for this year.

“We’re moving into the development phase now,” said J. Keith Elliott, senior vice president for Noble’s Eastern Mediterranean assets. “We have started procurement of the raw materials for both the subsea and the platform construction project.”

Leumi Capital Markets sees Leviathan stage 2 delay - GLOBES

30 Jan, 2017 12:50
Kobi Yeshayahou

Leumi Capital Markets has downgraded Avner, Delek Drilling, and Isramco, but upgraded Ratio.
Leumi Capital Markets has downgraded its recommendations for Avner Oil and Gas LP (TASE: AVNR.L), Delek Drilling Limited Partnership (TASE: DEDR.L), and Isramco Negev 2 LP (TASE: ISRA.L). Leumi Capital Markets senior gas and energy analyst Ella Fried has lowered her recommendation for these three partnerships from "market outperform" to "market perform," while upgrading her recommendation for Ratio Oil Exploration (1992) LP (TASE:RATI.L) from "market perform" to "market outperform."

In her review, Fried notes that the main reason for the change is "the lower likelihood that we are assigning at this stage to an extra 25% in exports during the initial phase of development in the Leviathan natural gas reservoir and a two-year delay in the second stage in our working assumptions."

Israel's Edeltech seeks deal for more natural gas from Leviathan - REUTERS

Tue Jan 17, 2017 | 2:37am ESTReporting by Tova Cohen, Editing by Ari Rabinovitch

The partners in Israel's giant natural gas field Leviathan said on Tuesday they have signed a non-binding letter of intent to supply natural gas to Edeltech, an Israeli private power provider.

The two sides are negotiating terms of a potential binding deal, which would include the supply of 14.8 billion cubic meters of gas over 17 years, the Israeli partners Delek Drilling and Avner Oil said in a statement.

Delek Drilling and Avner each hold 22.67 percent of Leviathan, while Texas-based Noble Energy owns 39.66 percent.

Such a deal would be in addition to a supply deal signed between the Leviathan partners and Edeltech a year ago. 

Participation in a Tender for the Purchase of Oil and/or Gas Exploration Rights in Cyprus – Update - DELEK GROUP

Tel Aviv, January 3, 2017
Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”)

further to what is stated in the Company’s Immediate Report dated July 24, 2016 (ref. no. 2016-01-0088411) concerning submission of a bid for a tender issued by the Government of Cyprus for the acquisition of exploration rights for oil and/or natural gas in the Cyprus EEZ (“the Tender”), by a consortium including among others Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership (together “the Partnerships”), provided below an Immediate Report published by each of the Partnerships with an update of the results of the Tender.

Israel's Delek Drilling, Avner Oil approve merger - REUTERS

Yossi Abu, chief executive of Delek's subsidiaries Delek Drilling and
Avner Oil, Tel Aviv, March 28, 2016. REUTERS/Baz Ratner

Sun Dec 25, 2016 | 4:54am ESTReporting by Steven Scheer

Israeli conglomerate Delek Group's gas and oil exploration units, Delek Drilling and Avner Oil Exploration, approved a merger aimed at reducing costs and attracting new investors.

Delek Drilling said on Sunday that shareholders of both companies approved the merger, which will see all assets and liabilities of Avner transferred to Delek Drilling and Avner will be dissolved.

The companies in April began the merger process.

Delek Group directly holds 6.6 percent of Delek Drilling and 8.9 percent of Avner, while its Delek Energy unit owns 63 percent of Delek Drilling and 47 percent of Avner.

Clarification Concerning Reports in the Press - DELEK GROUP

Tel Aviv, December 19, 2016

Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report published by both Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership (“the Partnerships”), which addresses and clarifies on publications made in the press concerning the negotiations between the Tamar Partners and Union Fenosa Gas SA (“UFG”), to achieve a binding agreement for the supply of natural gas from the Tamar Project for the existing UFG liquefaction installations in Egypt.

Further to Section 7.13.5(a)(2) of the periodic report of the Partnerships as of December 31, 2015, as released on March 28, 2016 regarding a letter of intent executed between the Tamar partners and Union Fenosa Gas SA ("UFG"), under which the parties are negotiating a binding agreement for the supply of natural gas from the Tamar project to UFG, for the purpose of feeding the existing UFG liquefaction plants in Egypt, and in response to reports in the media, the Partnerships wishes to clarify that, contrary to implications arising from the said reports, and following clarifications received from UFG on the matter, the parties are even now continuing to conduct negotiations on a continuous basis with the aim of reaching a binding agreement for the supply of natural gas from the Tamar project to the existing UFG liquefaction plants in Egypt.

Decision to Carry Out Drilling of Leviathan-5 - DELEK GROUP

Tel Aviv, December 18, 2016

Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report just submitted by each of Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership ("the Partnerships") concerning the decision of the Leviathan Partners, including the Partnerships, to carry out an appraisal and production well at Leviathan-5 in the area of the Leviathan North I/15 lease.Economic working interest of the Company in the drilling budget: 25.65%. Economic working interest of the Company in future revenues from the well: before return of investment - 22.28%; after return of investment - 22.95%, taking royalties into account.

Pursuant to what was stated in the Partnerships' Annual Reports dated December 31, 2015 that were published on March 28, 2016 ("Annual Reports"), concerning the scheduled work plan for the Leviathan Project located in the area of Leviathan I/14 and Leviathan North I/15 leases ("the Leviathan Project" or "Leviathan Field" and "Leviathan Leases" respectively), announces that on December 15, 2016 the Leviathan Partners took a decision in respect of carrying out an appraisal and production well at Leviathan-5 in the area of the Leviathan North Lease I/15 ("Leviathan-5 Well" or "the Well").
Additional details follow concerning the Well:

The Petroleum Commissioner’s Approval for the Transfer of All of the Rights in the I/16 Tanin and I/17 Karish Leases to Energean - DELEK GROUP

Tel Aviv, December 15, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report published by each of Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership ("the Partnerships") concerning the approval of the Petroleum Commissioner for the transfer of all the rights in the I/16 Tanin and I/17 Karish Leases to Energean.

Further to the provisions of the Partnerships’ immediate reports of August 16, 2016, regarding the signing of an agreement between the Partnerships and Energean Israel Ltd. (formerly Ocean Energean Oil and Gas Ltd.) (“Energean”) for the sale of all of the rights of the Sellers and Noble Energy Mediterranean Ltd. (“Noble”) in the I/16 Tanin and I/17 Karish leases (the “Leases”) to Energean (the “Agreement”) in consideration for the total sum of U.S. $148.5 million (in equal shares between the Sellers), plus royalties in connection with natural gas and condensate that shall be produced from the Leases, as specified in the immediate reports of August 16, 2016, and subject to fulfillment of several conditions precedent, and primarily receipt of the approval of the Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources (the “Commissioner”) and receipt of the approval of meetings of the holders of the participation units of the Partnerships to approve engagement in the Agreement as aforesaid, or approval of the supervisors, insofar as shall be required under the circumstances, and to Note 3B3 to the financial statements, as included in the quarterly report of the Partnerships as of September 30, 2016 regarding receipt of the approval of the supervisors for engagement in the Agreement, we respectfully update that on December 13, 2016, the Commissioner’s approval was received for the transfer of all of the rights of the Sellers and of Noble in the Leases to Energean, including approval of registration of rights to royalties for the Sellers, as specified in the immediate reports of August 16, 2016, approval of Energean as operator in the Leases, in accordance with the Petroleum Regulations (Action Principles for Offshore Oil Exploration and Production) and approval of the transfer of the permitted quota for export from the Leases at a scope of 47 BCM to the Leviathan partners, in accordance with the provisions of the Gas Framework.

Delek Group, Ratio approve Leviathan investment - NATURAL GAS WORLD

December 13th, 2016 - 8:35am

Ya'acov Zalel

Delek Drilling and Avner, the two Delek Group subsidiaries with a combined 45.3% holding in the Leviathan gas field, said December 12 that their boards have approved the investment in the first phase of the project.

Ratio, the third Israeli partner, with 15%, also approved the development program and the working plan. Now all eyes will turn to Noble Energy, a 39.7% shareholder, and the operator, to approve the project and take final investment decision before sanctioning the project as early as next year.

The total budget for phase 1 is estimated at $3.5-$4bn according to a filing to the Tel-Aviv Stock Exchange (TASE) for a production capacity of 12bn m³/yr.

Last month Delek Group announced a major project financing deal with HSBC and JP Morgan to the tune of $1.7bn. However so far it is not clear which guarantees the banks have received apart from a lien on the group's rights to Leviathan.