Delek Looks To Increase Aphrodite Stake

The Tel-Aviv based Delek Group is looking to increase its stake in Cyprus’ sole offshore natural gas discovery, the 5 tcf Aphrodite field on Block 12. This comes after the Israeli government ordered the firm to sell off its stake in the country’s only producing field, 10 tcf Tamar, and two smaller fields as part of an antitrust deal that will see it keep its stakes in the country’s giant 22 tcf Leviathan discovery. As part of the deal Delek and its partner offshore Israel and Cyprus, Houston-based Noble Energy, will be forced to sell off the Karish and Tanin fields, which hold an estimated combined 3 tcf, while Delek will sell its Tamar stakes and Noble will divest 11% in the same field. (CONTINUED - 964 WORDS)

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table Noble & Delek East Mediterranean Gas Field Stakes*