The energy regulator of Israel has decided to withdraw its proposal to break up the consortium operating the Leviathan gas field, that was announced in February 2015, considering that the partnership between Noble Energy (United States) and Delek group (Israel) might constitute a monopoly in the gas sector and that the companies would have to sell some acreage. Instead, loose controls will be imposed on gas prices in future contracts, with gas prices reflecting the average gas price in current contracts from the Tamar reservoir. Noble Energy will have to dilute its holdings in the Tamar field from 36% to 10% and Delek will have to sell its stake in Tamar and in the Karish and Tanin reservoirs but the Leviathan consortium will not be split up.
Delek and Noble Energy are partners in the development of two giant gas fields discovered in the eastern Mediterranean sea, namely Leviathan (39.66% Noble Energy, 22.67% Delek) discovered in 2010 and estimated to hold 620 bcm of gas reserves and Tamar (36% Noble Energy and 15.6% Delek) discovered in 2009 and estimated to hold 280 bcm of gas reserves.
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