Three years after the field's potential became known, the Oil Commissioner has declared Leviathan a discovery.
The Oil Commissioner at the Ministry of National Infrastructures has notified the licensees of the Rachel and Amit licenses that he confirms that the Leviathan natural gas field in the area of the licenses is a discovery. The announcement comes three years after the field's production potential became known.
Noble Energy Inc. (NYSE: NBL) owns 39.66% of Leviathan, Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 22.67% and Ratio Oil Exploration (1992) LP (TASE:RATI.L) owns 15%. The gas field has 18 trillion cubic feet of natural gas.
Noble Energy recently estimated that Leviathan potentially has one billion barrels of oil, in addition to the large amounts of natural discovered. In early December, Avner, Delek Drilling, and Ratio - the Israeli partners in Leviathan - announced a major delay in its development.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
Amiram Barkat and Hillel Koren
Moshe Golan and Globes correspondent