Israel's Leviathan gas group gets offers for share of field

JERUSALEM, Sept 9 Sun Sep 9, 2012 12:26pm IST

Related Topics

Stocks

   

JERUSALEM, Sept 9 (Reuters) - The U.S.-Israeli exploration group developing the Leviathan natural gas field off Israel's shore said on Sunday it is considering offers to sell up to 30 percent of the rights to the field.

The group received offers from "leading international companies that work in the field of natural gas exploration and production", Avner Oil Exploration, one of the partners, said in a letter to the Tel Aviv Stock Exchange.

It provided no further details on who made the offers but said the partners would "study the offers and examine the possibility of starting negotiations."

Leviathan was discovered in 2010 and has estimated reserves of 17 trillion cubic feet of gas, making it the world's biggest offshore discovery of the past decade. The consortium hopes to find some 600 million barrels of oil beneath the gas.

Texas-based Noble Energy has a 39.66 percent share in the field. Israel's Delek Group, through subsidiaries Delek Drilling and Avner, has a 45.34 percent stake. Ratio Oil Exploration holds the remaining 15 percent.

The group has said in recent months it is looking to bring in other stakeholders and raise cash to help develop the project, which is expected to begin production in 2017.

Noble has had some technical difficulties drilling at Leviathan, which is about 80 miles (130 kilometers) off Israel's coast.

In May, it was forced to stop drilling one of the wells after reaching 21,400 feet, the deepest known penetration in the eastern Mediterranean, because of high well pressure and the mechanical limits of the well bore design.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Innovative Solution

Innovative Solution

Turning smog into jewels - a Dutch designer's solution to Beijing's pollution.  Video 

Insider Trading

Insider Trading

Rajaratnam's brother loses bid to dismiss insider trading charges.  Full Article 

Literary Giant Dies

Literary Giant Dies

Mourning and memories in Gabriel Garcia Marquez's languid hometown.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage