Discovered in 2010, the Leviathan field is estimated to hold natural gas reserves of around 620 bcm (21.9 tcf). Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. TEL AVIV , April 18, 2016 – Delek Group, an Israeli conglomerate, announced on Sunday that its subsidiaries Delek Drilling and Avner Oil Exploration would merge, saying it would set up an independent committee of directors to guide the process.
With major finds in the Levant Basin, including Leviathan (21.4 TCF) and Tamar (11.2 TCF) and others, Delek is leading the region’s development into a major natural gas export hub. The proceeds from these sales are being redeployed to build an international arm for the Company’s E&P activities to complement its well-established East Med E&P operations.Founded in 1951, Delek is evolving to become an international E&P pure play.From its founding in the 1950s until 2013, Delek Group was a successful conglomerate that managed diversified holdings in both energy and other sectors. Earlier this year, Delek Group, through its subsidiaries, discovered significant quantities of high quality natural gas off the coast of Israel. Mr. Adar has served as the Treasurer of Delek Group and a number of its subsidiaries since 2004.
Tamar’s reserves are estimated at 200 bcm (7.06 tcf).The major shareholder in Delek Drilling and Avner Oil Exploration is another group subsidiary, Delek Energy, holding 63% and 47.5% in the mentioned companies respectively.
Delek Group is listed on the Tel Aviv stock exchange under the ticker symbol, DLEKG, and is a member of the TA-35 Index of leading Israeli companies, as of July 2012 two of the group's subsidiar In light of these discoveries, Delek Group began a process of focusing to become an E&P pure play and to divest all non energy-related assets.Delek continues to seek out additional synergistic and strategic opportunities, especially in North America and the North Sea.In June 2017, Delek completed acquisition of 100% of Ithaca Energy, an oil and gas operator focused on the North Sea with proven experience in offshore drilling.
Find the latest DELEK GROUP (DGRLY) stock quote, history, news and other vital information to help you with your stock trading and investing. Previously, Mr. Adar was Treasurer of Delek Israel (Delek, the … Gas Subsidiaries The following updates are based on information released by Delek Group gas subsidiaries, Delek Energy Systems Ltd., Avner Oil & Exploration L.P and Delek Drilling L.P. All financial and business information is given only for the convenience of the reader. The two subsidiaries are stakeholders in Israel’s Tamar and Leviathan offshore gasfields, holding 15.625% and 22.76% each in the respective fields. Delek is an independent E&P and the pioneering visionary behind the development of the East Med.Delek’s strategy is to complete the divestment of its non-core assets and to become an international E&P pure-play.By 2017, Delek Group had nearly completed the divestment process.
Delek Group sales reached over 45 billion Israeli shekel in 2010. We are proud of our culture of excellence, strong financial position and track record of growth.
Delek Group is an Israeli conglomerate and one of Israel's largest companies, Delek Group is involved in the energy and infrastructure, with investments in upstream and downstream energy, water desalination and power plants.