The Leviathan partners are considering drilling for oil in strata beneath the huge Israeli offshore Mediterranean natural gas field, sources inform "Globes."
The plans to search for oil were revealed yesterday when senior executives from Delek Group Ltd. (TASE: DLEKG) energy exploration and production units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) met analysts at Leader Capital Markets. The executives included Avner and Delek Drilling CEO Yossi Abu.
At the meeting the Delek executives spoke explicitly about the possibility of drilling for oil. No clear timetable has been set but the partners may take advantage of the floating drilling rig Attwood Advantage, which will drill Leviathan 5 for gas in the first quarter of 2017, to also drill for oil. $77 million has been budgeted for the Leviathan 5 drill, which will begin immediately after the Attwood Advantage completes the Tamar 8 drilling.
Avner and Delek Drilling declined to comment on the report.
The Leviathan partners are Noble Energy Inc. (NYSE: NBL) (39.66%), Avner and Delek Drilling (22.67% each) and Ratio (15%).
Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2016
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