tamar offshore gas field_311.
(photo credit: Courtesy)
Eitan Wertheimer, Shlomo Nehama and former Israel Securities Authority chairman
Moshe Terry have entered Israel’s oil and gas exploration industry. In a
complicated deal, whose details have not been finalized, they will acquire
rights in the Alon E, Ruth D, Keren and Avia offshore licenses from from Yitzhak
Tshuva-controlled Delek Group Ltd. and Noble Energy Inc.
current oil and gas exploration companies, including Modiin Energy LP and Alon
Natural Gas Exploration Ltd. are also negotiating to acquire rights in licenses.
US-based ATP Oil & Gas Corporation, making its first foray into Israel, is in
talks to acquire a third of the Avia and Keren licenses.
Delek and Noble
Energy are not charging for the actual rights to the licenses because they
actually belong to the state. The new partners will apparently win
super-royalties and will undertake to make rigid investments in the exploration
plans, proportionate to their holdings in the licenses.
includes costs already incurred, such as for seismic surveys.
negotiating to acquire 10% in the four licenses, Wertheimer is seeking a 5%- 10%
stake and Terry wants 5%.
Alon Gas has priority because it is already a
partner of Delek and Noble Energy, owning 4% of the Tamar license.