US energy group Noble Energy and Delek Group (Israel) are taking the first steps in the sale of two small gas fields in the eastern Mediterranean Sea. Noble Energy will sell its 47% stake in the undeveloped Karish and Tanin fields, which are estimated to hold 3 Tcf (85 bcm) of gas reserves, to Delek for US$67m. Delek will then sell the fields to a new buyer with 14 months, as part of the agreement reached with the Israeli government on the development of the giant Leviathan offshore gas field in August 2015.
In August 2015, the Leviathan consortium (39.66% Noble Energy, 22.67% Delek) committed to invest US$1.5bn in the Leviathan project over the next two years and to sell its minor gas fields to open the Israeli gas sector to competition. The Leviathan offshore gas field was discovered in 2010 and is estimated to hold 620 bcm of gas reserves. The US$6.5bn field was initially expected to start production in 2018 but could be delayed.
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