TheMarker Jun 01, 2018 1:40 AM
The Delek Group has announced that, as of the end of March, about half of the work in developing its Leviathan offshore natural gas field in the Mediterranean was completed and that gas should begin flowing from the field, Israel’s largest, next year. The work performed included the laying of underwater pipes connecting the gas wells to a main pipeline and the construction of a substantial portion of the production rig, the company said. These details came Thursday as Delek released its first quarter financial results, reporting a decline in revenue from energy operations in Israel after selling off 9.25% of its stake in another gas field, Tamar, in which it retained a 22% share. Delek said all told, it earned 243 million shekels ($68 million) in the first quarter, up from 220 million a year earlier. Revenue rose to 1.78 billion shekels from 1.54 billion.
SOURCE / Eran Azran and Reuters
