Delek loses 5% of Delek Drilling - GLOBES

26 Mar, 2020 12:20
Omri Cohen

Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, has been forced to reach a painful compromise in its dispute with Citibank concerning participation units in its energy exploration and production unit Delek Drilling LP (TASE: DEDR.L) attached in Citibank's favor. Figures published by Delek Group indicate that the compromise reached by the group with Citibank and the Dayan family, which signed an agreement to buy the attached participation units, will cost Delek Group NIS 120 million in terms of market cap.

Up until now, Delek Group held 60% of the participation units in Delek Drilling, with a market value of NIS 2.38 billion. Early last week, Delek Group revealed that participation units constituted 15% of the partnership's capital were attached in favor of Citibank in order to secure a loan, the outstanding balance of which totals $57 million.

Total acquires a 16.33% stake in the Waha Concessions in Libya - TOTAL

2018/MARCH/02

Paris - Total has acquired Marathon Oil Libya Limited which holds a 16,33% stake in the Waha Concessions in Libya. This acquisition will give Total access to reserves and resources in excess of 500 million barrels of oil equivalent, with immediate production of around 50.000 barrels of oil equivalent per day (boe/d) and a significant exploration potential across the area of 53.000 square kilometers covered by the Concessions in the prolific Sirte Basin. The consideration payment for the transaction is 450 million U.S. dollars.

“This acquisition is in line with Total’s strategy to reinforce its portfolio with high quality and low-technical cost assets whilst bolstering our historic strength in the Middle East and North Africa region,” said Patrick Pouyanné, Chairman and CEO of Total. “It builds on the Group’s long-term presence in Libya, a country with very large oil and gas resources, and demonstrates our commitment to continue supporting the recovering oil and gas industry of the country.”

TAP pipeline reports progress through Greece - NEW EUROPE

17:43 MAY 4, 2017
New Europe Online/KG

Security is the project’s absolute priority, TAP says

The Trans Adriatic Pipeline (TAP) on May 4 informed the Embassies located in Greece about the progress of the project, highlighting security as the project’s absolute priority.

The approximately 878 kilometre long TAP pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

TAP’s Country Manager for Greece Rikard Scoufias focused on how TAP is being implemented in Greece with respect to local communities, as demonstrated in the engagement and consultation process followed; the extensive communication campaigns launched; the social and environmental investments programme drafted and implemented; and the benefits TAP brings to Greece – both present and future ones, TAP said in a press release.

Kuwait Energy signs farm-out agreement with Global Connect Ltd for Abu Sennan, Egypt - KUWAIT ENERGY

17 January 2017Kuwait City, Kuwait
Kuwait Energy plc (“Kuwait Energy”) is pleased to announce the signing of a Farm-Out Agreement (FOA) for 25% participating interest in the Abu Sennan concession fromits share, to Global Connect Limited (“Global Connect”); a recently established E&P Company with a focus on MENA region. The FOA was signed in Egypt on Thursday 15 December 2016 and it is effective as of 31 December 2016. The agreement remains subject to government and pre-emption approvals.

The agreement was signed by Sara Akbar, the CEO of Kuwait Energy and Sherif Foda, Founder and Chairman of Global Connect.

On this occasion, Sara Akbar said:

“We are very pleased to welcome a new partner in the Abu Sennan concession. Along with Dover and Rockhopper, Global Connect will now support the concession in the development and exploration efforts. The team at Global Connect brings in a wealth of technical expertise based on their previous experiences. We look forward to working alongside one another to create optimal value for Egypt and all the partners”.

Italy's Eni signs 2 new gas exploration deals with Egypt - AHRAM ONLINE

Tuesday 27 Dec 2016

Italy’s Eni, one of the leading global oil and gas companies, signed on Tuesday two new concession agreements with the Egyptian government for gas exploration in two fields of “North El-Hammad and North Ras El-Esh, located in the shallow waters of the Egyptian Mediterranean Sea,” according to the group’s website.

For the North El-Hammad block, Eni has a stake of 37.5 percent, while the remaining equities are owned by BP and Total, the Italian company said.

However, Eni has a 50 percent participation stake in the North Ras El-Esh block, which is operated by BP with an equity of 50 percent.

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.

TANAP's external financing could reach $4bn: SOCAR - NATURAL GAS WORLD

December 16th, 2016, 9:45am

Shareholders in the Tanap gas pipeline may draw $4bn from international financial institutions for the project's construction, Azerbaijan state oil and gas company Socar's president Rovnag Abdullayev said in an interview with the Turkish news agency Anadolu December 15.

“Attracting external funding for Tanap is being negotiated with banks. So far, there are no concrete results, but we assume that the negotiations for the project will attract $4bn,” said Abdullayev.

Negotiations are conducted with the World Bank's International Bank for Reconstruction and Development (IBRD) and Multilateral Investment Guarantee Agency (MIGA), as well as with the Asian Infrastructure Investment Bank (AIIB), the European Investment Bank, and the European Bank for Reconstruction and Development (EBRD), he said.

There is still a possibility of transferring a 8% stake in the Tanap project to Socar Turkey Energy from the 58% currently held by Socar, said Abdullayev, adding: "We expect that this transfer will be formalized soon."

Rosneft To Acquire A Share in the Biggest Gas Field in the Mediterranean Sea - POLYMER UPDATE

15-Dec-2016

Within his working visit to Cairo Rosneft Chief executive officer Igor Sechin was hosted by the President of Egypt Abdel Fattah el-Sisi. Igor Sechin passed along to the Egyptian leader the message from the President of the Russia Vladimir Putin. Sechin and el-Sisi discussed the cooperation between Rosneft and its Egyptian partners and the implementation of joint energy related projects.

The Head of Rosneft informed the President of Egypt about the reached agreement for the Rosneft acquisition of up to 35% in the concession agreement for the development of the Zohr gas field and of a 15% share in the project’s operator the parity joint venture between Eni and EGAS Petroshoruk.

Rosneft’s Board of directors approved the Company’s joining the project. The price of the stake to be purchased is USD 1.125 bln. Moreover Rosneft will reimburse Eni USD 450 mln as its 2016 historical expenses. Overall Rosneft investments in the project will amount USD 4.5 bln in a timeframe of 4 years. Rosneft joins the development of the biggest Egyptian hydrocarbon field together with world majors its long standing partners Eni and BP.

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.

Rosneft mulls buying up to 35% of Shorouk concession - ENTERPRISE

Tuesday, 6 December 2016

The board of Russia’s Rosneft will meet tomorrow (7 December) to discuss the potential acquisition of up to 35% of the Shorouk offshore concession from Eni, AMAY reported. Eni had sold a 10% interest of the concession, which contains Zohr natural gas field, to BP in November and plans to lower its stake in the field to 50%.

Eni aims to cut stake in Zohr field to 50 pct, could happen quickly - REUTERS

Mon Nov 28, 2016 4:50pm GMTReporting by Stephen Jewkes, writing by Agnieszka Flak

MILAN Nov 28 (Reuters) - Italian energy group Eni plans to reduce its stake in the giant Zohr gas field offshore Egypt to 50 percent, Chief Executive Claudio Descalzi said on Monday.

The company, which owns the whole concession that includes Zohr, already agreed to sell a 10 percent stake to BP for $375 million last week. In addition, BP will also reimburse Eni around $150 million in past expenditure costs.

"We believe we can operate the field with 50 percent, that's my objective," Descalzi told journalists on the sidelines of an event in Milan when asked whether Eni could reduce its stake further.

"This could happen fairly quickly, in our business that could also mean a few months." 

TANAP to be 55% complete by the end of 2016 - WORLD PIPELINES

Wednesday, 09 November 2016 14:41
Anna Nicklin, Editorial Assistant 

Construction of the Trans Anatolian gas pipeline project (TANAP) has begun and is expected to be 55% complete by the end of the year, according to Turkey’s Minister of Energy and Natural Resources, Berat Albayrak. The pipeline is expected to serve as a new alternative for energy supplies to Europe, which, alongside TurkStream, will allow Turkey to become gas trade centre.

The minister also noted that Turkey, being located close to the energy-rich regions, such as the Caspian Sea region, the Middle East and Central Asia, is moving in the direction of becoming an energy hub and diversifying its energy sources.

Ratio’s Bond Issue Reassures Analysts of Commitment to Leviathan Project - HAARETZ

Eran Azran Nov 09, 2016 1:38 AM

The company issued 580 million shekels in bonds, amid a high demand of 740 million shekels ($194 million) .
Ratio Oil Exploration, a partner in the development of the huge offshore Leviathan natural gas field, had a successful bond issue Monday, enabling it to meet a deadline for providing $600 million in funding for initial development of the field. The company issued 580 million shekels in bonds, amid a high demand of 740 million shekels ($194 million) .

A source close to Ratio acknowledged on Tuesday that “analysts in the capital markets wondered about Ratio’s capacity to raise funds to develop Leviathan,” but he said Ratio’s “success in bond fundraising has dispelled those concerns and proved the company’s financial commitment to the project.”

Ratio has a 15% stake in Leviathan. Another 45% is held by Delek Drilling and the Avner Oil Exploration while Noble Energy of Texas holds the remaining 40%. The cost of the initial phase of development of Leviathan is estimated at $3.5 billion to $4 billion, part of which was financed through bank loans. It is Ratio’s portion of the balance that came to $600 million.

EGPC, Kuwait Energy sign agreement on Iraq's Siba gas field - NATURAL GAS WORLD

October 28th, 2016 8:35amShardul Sharma

Egyptian General Petroleum Corporation has inked an agreement with Kuwait Energy to buy stake in Siba gas field in Iraq’s Basra region, the Egyptian oil ministry said October 26. The field has reserves of 555bn ft³ of natural gas and 37mn barrels of condensate.

The ministry stated that EGPC will have a 15% interest in the field. It expects production to be 70mn ft³/d by 2017 which is likely to rise to 100-150mn ft³/d. Egyptian Petrojet will be the general contractor of the field development project through carrying out all the executive and engineering works of the project at costs of $200mn.

This is the second partnership between the two sides outside Egypt. Kuwait Energy farmed out a10% working interest in Block 9 in southern Iraq to EGPC and now has 60%.

Egypt: Eni to add 80Mmcfpd of gas from the Nooros field by the end of November - ECOFIN AGENCY

Wednesday, 26 October 2016 - 12:59Anita Fatunji

(Ecofin Agency) - In Egypt, Eni plans to add 80Mmcfpd of gas from its Nooros concession to the national grid by the end of November 2016.

According to a source with the Egyptian Natural Gas Holding Company (EGAS), the total gas production from Nooros is set to increase from 850Mmcfpd to 930Mmcfpd by the end of November. This is to occur after the drilling of a number of development wells and adding them to the project’s production, Egypt Oil &Gas reports.

Connecting these wells to the national gas grid will help fill the natural decrease gap in local gas production, which is estimated at 600Mmcf each year with an average of around 50Mmcf per month.

Egypt: Mostorod refinery to be completed in 2017: ERC - ECOFIN AGENCY

Monday, 17 October 2016 - 15:04
By Anita Fatunji

(Ecofin Agency) - The Egyptian Refining Company (ERC) has announced plans to conclude its refining project in Mostorod within the Q1 of 2017, as part of moves to address the supply gaps in the petroleum derivatives market.

According to the company’s Managing Director, Mohamed Saad, 90% of the project has been executed and the overall investments in the project have reached $3.7b, with the completion of all necessary procurement of materials and services. He added that the Egyptian General Petroleum Corporation (EGPC) owns 24% of the venture.

Azerbaijani parliament approves TANAP project - HURRIYET DAILY NEWS / ANADOLU AGENCY

October/01/2016BAKU - Anadolu Agency

National Parliament of Azerbaijan Republic approved Trans Anatolian Natural Gas Pipeline (TANAP) Project on Sept. 30.

Azerbaijani Parliament discussed issues including the cooperation between Azerbaijan and Turkey during the first meeting of the autumn.

The Deputy Speaker of the Parliament, Valeh Alasgarov, noted that Turkey has already implemented all necessary state procedures on the TANAP project.

He underlined that the approval of the Memorandum of Understanding between the two countries was signed on May 26, 2014.

Shell aims to export gas through EDCO every 20 days - DAILY NEWS EGYPT

Thursday September 28, 2016, by Mohamed Adel

200m cubic feet per day from Borollos fields allocated for export, says source
Royal Dutch Shell exported a shipment of liquefied gas to world markets through EDCO (Note: EDCO is the name used by Daily News Egypt for the LNG Plant at Idku), a liquefaction plant affiliated to Royal Dutch Shell, in mid-September after receiving about 200m cubic feet per day from the Borollos field gas production.

A senior source in the petroleum sector told Daily News Egypt that Shell aims to export a liquefied gas shipment every 20 days, according to the current supply rates of EDCO.

Shell has agreed with the Ministry of Petroleum to provide EDCO with about 125m cubic feet of gas per day for export. This would help Shell achieve large returns to repay its loans and unpaid dues, according to the source.

Taqa Arabia, Dolphinus call for licence to import gas from EGAS to private sector - DAILY NEWS EGYPT

Preliminary approval to be granted to companies that request licences to sell gas in local market, says source

Mohamed Adel September 20, 2016

Taqa Arabia and Dolphinus Holdings sent a formal request to Egyptian Natural Gas Holding (EGAS) to obtain a licence to import natural gas through the private sector in the Egyptian market.

A senior source in the petroleum sector told Daily News Egypt that the gas market regulation authority is awaiting the issuance of the law by the House of Representatives that will allow licences to be issued to private companies to import gas and sell it in the local market.

The source added that the foreign companies that applied to obtain the licence cannot be mentioned as of now.

It is expected to approve the completion of the gas market regulation law by the end of 2016, according to the source.

EGPC paid $480m of bank instalments to EDCO - DAILY NEWS EGYPT

17.09.2016, Mohamed Adel

The Egyptian General Petroleum Corporation (EGPC) paid approximately $480m in bank instalments to EDCO liquefaction plant (Note: Idku LNG Plant *), affiliated to Royal Dutch Shell, which ceased operating at full capacity in 2012. This did not result in the foreign partner (Shell) raising an international arbitration case against Egypt.

A source in the petroleum sector told Daily News Egypt that EDCO repays annual bank instalments amounting to about $200m, out of a loan obtained by the company to implement pipe units worth $2bn.

The source added that in order to achieve self-sufficiency between revenues and expenditures, EDCO needs to export about 22 shipments of liquefied gas annually.