The partners in Israel's large offshore Leviathan natural gas reserve confirmed Monday that they have approached Australia's Woodside Petroleum Ltd. (WPL.AU) about acquiring a share in Leviathan but didn't give details.
The partners in
Israel
's
large offshore Leviathan natural gas reserve confirmed Monday that they have
approached
Australia
's
Woodside Petroleum Ltd. (WPL.AU) about acquiring a share in Leviathan but
didn't give details.
The Leviathan partners, which include Israeli energy exploration companies and
Houston-based Noble Energy Inc. (NBL), have since last year been looking for a
strategic partner to help develop the Leviathan field, which is estimated to
contain up to 16 trillion cubic feet of gas deep under the
Mediterranean
Sea
.
There have been local and international media reports that the Leviathan
partners have also offered the stake to
Russia
's
Gazprom and Korea Gas Corp. The Arab League's continuing boycott of
Israel
and
other political factors will, however, likely prevent most international
petroleum giants from working on Leviathan due to their connections with the
large oil-producing countries of the
Middle East
and
Persian
Gulf
, according to sector analysts.
Woodside specializes in deep water drilling, mainly in
Australia
, and
sells its petroleum products in
Australia
and
several East Asian countries. Leviathan, located off the coast of northern
Israel
,
isn't scheduled to begin production for several years, but when it does,
experts say, it will allow
Israel
energy independence in addition to making it a net exporter of natural gas. Another
nearby reserve, Tamar, is scheduled to being producing next year, and contains
up to 9 trillion cubic feet of natural gas.
Israel
currently faces a natural gas shortage as its supply deal with
Egypt
has
broken down over the last two years, forcing local energy producers to rely on
more expensive sources of fuel and pushing up electricity prices.
Noble holds 39.66% of Leviathan; Delek Group Ltd. (DLEKG.TV) subsidiaries Delek
Drilling Ltd. Partnership (DLEKG.TV) and Avner Oil Exploration Ltd. Partnership
(AVNR.L.TV) each hold 22.67%; and Ratio Oil Exploration Ltd. Partnership
(RRATI.L.TV) holds 15%.
At 1028 GMT, shares of Delek Drilling were up 0.43 shekels. or 3.38%, at
ILS13.14; shares of Avner were up ILS0.026, or 2.95%, at ILS2.30; and shares of
Ratio were up ILS0.026, or 8.15%, at ILS0.345, in a higher Tel Aviv market.
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