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Higher Tamar gas demand boosts Delek units' results

Tamar
Tamar
24 Aug, 2016 9:52

Avner and Delek Drilling sold 28% more natural gas in Israel in the second quarter than in the corresponding quarter of 2015.

Delek Group Ltd. (TASE: DLEKG) natural gas exploration and production units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) reported strong financial results today for the second quarter of 2016, due to higher demand for natural gas from the Tamar offshore reservoir.

Delek Drilling reported net profit of $33 million, up 35% from the corresponding quarter of 2015 and revenue of $55.6 million up from $45 million. Avner reported net profit of $31 million, up 28% from $24.2 million in the corresponding quarter and revenue of $53.8 million, up 23.4%.

The companies report that gas consumption from Tamar rose 28% in the second quarter of 2016 to 2.3 billion cubic meters (BCM) from 1.8 BCM in the corresponding quarter of 2015.

Delek Drilling and Avner CEO Yossi Abu said, "We expect the rise in demand to continue in the coming years as a result of implementation of the gas outline agreement and complementary processes that will lead to more widespread use of national gas in both existing sectors like electricity and industry and new sectors such as transport and home use."

Published by Globes [online], Israel business news - www.globes-online.com - on August 24, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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