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Delek, Noble Energy to sell Alon A and C licenses

30 Jan, 2014 21:18
שלח תגובה במיילAmiram Barkat

The regulators will not allow the Karish and Tanin discoveries to be separated from the licenses.

Sources inform ''Globes'' that the antitrust settlement with Delek Group Ltd. (TASE: DLEKG) and Noble Energy Inc. (NYSE: NBL) has been expanded to the sale of the Alon A and Alon C licenses, where the Karish and Tanin gas fields are located, and not just the gas fields. The companies and the Antitrust Authority agreed to the sale of licenses in their latest talks.

Antitrust Authority director general David Gilo originally demanded only the sale of the gas fields, which would allow Delek and Noble Energy to continue oil and gas exploration in the rest of the licenses' area. However, Petroleum Commissioner Alexander Varshavsky objected to the agreement, arguing that the gas fields could not be separated from the license area.

Delek and Noble Energy have therefore apparently agreed to sell the rights to the licenses in full, and in the future, if new discoveries are made in the licenses' area, they will be eligible for royalties on oil and gas sales from these discoveries.

Avner Oil and Gas LP (TASE: AVNR.L) CEO Gideon Tadmor told the Knesset Economic Affairs Committee today that Delek Group had invested NIS 700 million to discover the Karish and Tanin fields, which together have 58 billion cubic meters (BCM) of natural gas.

Rebutting charges that Delek was involved in a cartel, Tadmor said, "We acquired Leviathan with the full knowledge of all government agencies and with their permission. Had we not acquired Leviathan, this debate would not exist because there would simply be no gas. Our sole sin was to discover gas. As far as we're concerned, the settlement proposed by Antitrust Authority director is difficult and problematic, but we'll accept it if only to remove the uncertainty over Leviathan's development."

Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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