7 Dec, 2017 12:13
Sonia Gorodeisky
Israel Chemicals, Oil Refineries, and OPC will buy 39 BCM over 15 years.
Israel Chemicals (TASE: ICL: NYSE: ICL), Oil Refineries Ltd. (TASE:ORL), and OPC Energy Ltd. (TASE:OPCE), all Idan Ofer-controlled companies, have signed an agreement with Greek company Energean to buy natural gas from the Karish and Tanin reservoirs. The deal includes the supply of 39 BCM of gas over 15 years to the companies: 17 BCM to Oil Refineries, 13 BCM to Israel Chemicals, and 9 BCM to OPC Mishor Rotem. The deal also includes an 18-year extension option.
The price for the deal is believed to total $5.7 billion. Energean estimates that gas will begin flowing from its two reservoirs in 2020. The average price for the deal is about $4.10 per million Btu, 20% lower than the price in the agreements signed for gas from the Leviathan reservoir and 30% lower than the price that Israel Electric Corporation (IEC) (TASE: ELEC.B22) is paying from gas from the Tamar reservoir.
The three companies negotiated jointly with Energean in order to leverage their purchasing power to obtain better terms. At the same time, now that the negotiations have been concluded, each of the companies in the group has a separate agreement that is independent of the agreements with the others.
October 30, 2017 09:41 AM Eastern Daylight Time
LONDON--(BUSINESS WIRE)--Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that Energean Israel has signed three new Gas Sales and Purchase Agreements (“GSPAs”) with Dorad Energy Ltd. ("Dorad"), and with Ramat Negev Energy Ltd. ("Ramat Negev") and Ashdod Energy Ltd. ("Ashdod"), both subsidiaries of the Edeltech Group, for natural gas supply from the Karish and Tanin Fields, offshore Israel.
“The GSPA’s signed today enable the diversification of natural gas supply sources for local projects and contribute to the companies' business strategies.”
Tel Aviv, January 17, 2017.
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") with regard to an engagement in a non-binding LOI for the supply of natural gas from the Leviathan project to Edeltech Ltd.
Further to the provisions of Section 7.14.1 of the Partnerships’ periodic report as of December 31, 2015, as released on March 28, 2016 (the “Periodic Report”) regarding the conduct of negotiations of the partners in the Leviathan project including the Partnerships (the “Leviathan Partners”) for the marketing of natural gas and condensate to potential offtakers in the domestic economy, the Partnerships hereby respectfully announce as follows:
Tel Aviv, January 31, 2016.
Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that attached is an Immediate Report submitted by each of Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership ("the Partnerships") with regard to an agreement that was signed for the supply of natural gas between the Partnerships and the other Leviathan Partners and Edeltech Ltd.
Further to the provisions of the Partnerships’ immediate reports of January 7, 2016 regarding the holding of talks and/or negotiations of the partners in the Leviathan project, including the Partnership (the “Leviathan Partners”) for the marketing of natural gas to potential consumers in the local market, the Partnerships hereby respectfully announce as follows:
On Saturday evening, January 30, 2016, an agreement was signed for the supply of natural gas between the Partnerships and the other Leviathan Partners and Edeltech Ltd. (“Edeltech” or the “Buyer”), whereby Edeltech will buy from the Leviathan Partners natural gas for the purpose of operating power plants which it is due to build, together with its Turkish partner Zorlu, in Ashdod and Mishor Rotem (the “Supply Agreement”).
According to the Supply Agreement, the Leviathan Partners undertook to supply to the Buyer natural gas at a total scope of approx. 6 BCM (billion cubic meters) (the “Total Contractual Quantity”), in accordance with the terms and conditions specified in the Supply Agreement.
