The partners in Israeli offshore gas fields Tamar and Leviathan have agreed to sell their rights in two smaller fields to Ocean Energean Oil and Gas Ltd. for $148.5 million to comply with a government requirement.
Delek Group Ltd., which has controlling interests in several gas fields in the eastern Mediterranean, is being forced by the government to sell off some assets in an effort to open the sector to competition.
Energean will buy Texas-based Noble Energy Inc.'s (NYSE: NBL) 47.06% stake in the Tanin and Karish fields and the rest from Delek subsidiaries Avner Oil Exploration and Delek Drilling, Avner said in a statement on Aug. 17.
The buyer of Tanin and Karish, with combined gas reserves of 3 trillion cubic feet, is a subsidiary of Cyprus-registered Energean E&P Holdings Ltd., which operates mainly in Greece and the Aegean Sea.
The sellers will also be entitled to royalties if and when gas is produced from the fields. The sale is subject to regulatory approval.
Last year Delek paid its partner Noble for the rights to sell its stake in the two fields.
Recommended Reading
Dorchester Minerals Announces Retirement of James E. Raley
2024-01-05 - Dorchester’s board designated Raley as manager emeritus in recognition of his service.
Enterprise Declares Quarterly Cash Distribution
2024-01-08 - Enterprise Products Partners’ distribution will be paid Feb. 14 to common unitholders of record by Jan. 31.
NW Natural Renewables Promotes Chittum to President
2024-01-12 - Anna Chittum replaces Mike Kotyk at NW Natural Renewables, a subsidiary of Northwest Natural Holding Co.
Energy, Freight Analytics Firm Vortexa Raises $34 Million
2024-01-08 - The investment brings the total amount raised by Vortexa since its inception to more than $60 million.
TotalEnergies Ups Stake in Two Blocks Offshore Namibia
2024-01-10 - TotalEnergies is acquiring an additional 10.5% participating interest in Block 2913B and an additional 9.39% participating interest in Block 2912.