Delek Group

Consortium suspends planned purchase of 50% stake in Israeli gas producer in light of ongoing military conflict in the region.

Formerly Delek Drilling, NewMed interested in Moroccan Mediterranean.

Chevron is having to drill a fifth production well at Israel’s Leviathan natural gas and gas-condensate field to keep production ahead of rising demand, driven by exports to Egypt’s growing LNG hub.

A fault was identified at the Leviathan platform’s production system. This comes a month after a malfunction was discovered at the project’s subsea pipeline.

Landmark deal called most significant since 1979 peace treaty.

With production set to begin from the large Leviathan field by the end of this year, the Israeli government signed off on the final permits to allow for its first exports. Leviathan contains approximately two-thirds of all the gas resources discovered offshore Israel so far.

The succession at the top role comes amid the independent’s expansion beyond the Eastern Med, with recent acquisitions of North Sea and US Gulf of Mexico assets.

The deal, first announced in May, gives the Delek subsidiary 10 additional producing field interests in the UK North Sea, boosting its 2019 production by 300%.

The facility would enable exports from one of the world’s largest gas discoveries to new markets, primarily in Europe and Asia. The Leviathan partners have signed deals to export gas to Middle Eastern countries such as Egypt and Jordan.

There is a new, big independent in the UK North Sea, Delek Group. Its UK North Sea arm, Ithaca, bought most of Chevron’s holdings in the sector in a $2 billion deal.