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    Delek to unload stake in Tamar gas field: press


The sale would be part of an Israeli effort to open up the energy market.

by: Daniel Graeber

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Delek to unload stake in Tamar gas field: press

Delek Drilling is on its way to selling its minority stake in the Tamar natural gas field offshore Israel as part of a market liberalisation effort, Israeli newspaper Globes reported April 5.

Globes reported that two unnamed parties may be looking to take over Delek’s 22% stake in the Mediterranean gas field for an estimated $1.1bn. Delek holds a 22% interest in the field, but is obligated to unload that as part of a government effort to open the market up to more competition.

Delek has not issued a notice to the Tel Aviv Stock Exchange about any possible talks regarding the sale. Globes reported that Delek is getting the word out “to renew interest in the market on the deal.”

Tamar was brought on stream in 2013. Apart from Delek, field operator Chevron has a 25% stake, having bought Noble Energy in October. The other partners are Isramco (28.75%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%).

A dispute broke out in 2020, when some of Tamar's partners accused Noble and Delek of monopolistic behaviour. They argued that the pair were trying to prevent Tamar's gas from competing with supplies from Israel's larger Leviathan field, which they also control and was brought on stream at the end of 2019.

Tamar and Leviathan are among the largest gas fields in the Mediterranean Sea.