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Noble and Delek will have to sell offshore assets (Israel)

The Ministry of Energy of Israel has confirmed the assessment of the antitrust authority 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. The two companies 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. The Israeli government is seeking to increase competition, though acknowledging that attracting investors in a tense political situation might prove difficult. Partners have already agreed to sell their licenses to two smaller gas fields nearby but they might have to sell stakes in either Tamar or Leviathon or to split up the consortium to operate as competitors.