Delek, Noble take first step in selling two small Israeli gas fields

Italian company Edison S.p.A., and US companies Hess and EOG, have expressed interest in acquiring the Karish and Tanin gas fields.

 

tamar gas

 

The Israeli Delek Group Ltd, led by Yitzhak Tshuva, and Avner Oil and Gas LP acquired the stake of Noble Energy Inc. in the Karish and Tanin natural gas reservoirs for $67 million.

Delek purchasing the full rights to sell the fields to a new buyer. Noble sold 47 percent in the two small undeveloped Karish and Tanin fields, which together contain an estimated 3 trillion cubic feet of gas.

Under Israeli government plan, Delek will have 14 months to sell Karish and Tanin to a new buyer.

Delek said the deal with Noble is dependent on the government plan winning final approval, which is expected to happen in the coming weeks.

Israeli media report that the leading candidate for buying Karish and Tanin is Italian Edison S.p.A.

At a meeting last month, Minister of National Infrastructure, Energy, and Water Resources Yuval Steinitz proposed Claudio Descalzi, CEO of Italian company Eni to invest in Israel.

Eni was the company which discovered the mega Zohr reservoir in Egypt. Steinitz  said in case Eni invest in the reservoirs, Israel will consider conducting additional oil and gas exploration in The country’s offshore.

US companies Hess and EOG, with which Minister Steinitz met in October in the US,  also expressed interest in buying the reservoirs.

 

 

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