Gulf Oil and Gas accountACCOUNT

Israeli Energy Firms Delek Drilling, Avner Oil to Finally Merge

Source: Reuters 5/17/2017, Location: Middle East

Share |
Israel's Delek Drilling and Avner Oil, both units of conglomerate Delek Group), said on Wednesday they have completed a long-awaited merger and will begin trading next week as one company.

The new entity will keep the name Delek Drilling and will have a market value in Tel Aviv of about 16 billion shekels ($4.4 billion).

It is through Delek Drilling and Avner Oil that Delek Group owns major stakes in the large Israeli offshore natural gas fields Tamar, which began production in 2013, and Leviathan, which is due to come online in late 2019.

Delek Drilling also said in a statement that exports from Tamar to Jordan's Arab Potash Co and Jordan Bromine plants began in January.

Chief Executive Yossi Abu said he expects production at Tamar this year, "to cross the 10 billion cubic meter mark."

The companies' combined net profit in the first quarter was $78.9 million, up 23 percent from a year earlier.

Mergers and Acquisitions News in Israel >>

Guyana >>  2/20/2018 - Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with licenses in highly prospective regions in South America and Africa, is pleased...
Scotland >>  2/20/2018 - Xodus Group, the engineering and advisory consultancy is welcoming Subsea 7 as a new shareholder. Subsea 7, which will add value through its subsea ex...

United States >>  2/20/2018 - Transocean Ltd. along with Transocean Inc. received all required regulatory approvals and has commenced a compulsory acquisition of all shares in Song...
Argentina >>  2/19/2018 - Vista Oil & Gas, S.A.B. de C.V., the first Mexican pure E&P listed company in the Mexican Stock Exchange, announced that it has agreed to acquire a fu...

United States >>  2/19/2018 - Total S.A. (“Total”), Borealis AG (“Borealis”) and NOVA Chemicals Corporation (“NOVA Chemicals”) today announced that affiliates of the three companie...
China >>  2/15/2018 - Neptune Energy Group (“Neptune” or the “Company”), is pleased to announce the completion of the acquisition of ENGIE E&P International SA (“EPI”). The...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Israel Oil & Gas 1 >>  2 | 3 |

More News

 

Oil & Gas Companies in Israel >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.