Delek firms secure Leviathan financing

Israel

TEL AVIV, November 28, 2016 – Delek Group subsidiaries Delek Drilling and Avner Oil Exploration on Sunday announced they had secured project financing for the offshore Leviathan development.

In a press release, the parent company said the entities had arranged between USD 1.5 billion and USD 1.75 billion, underwritten by HSBC and J.P. Morgan. Home to an estimated 510 bcm (18 tcf) in natural gas resources, the Mediterranean gasfield is operated by Noble Energy.

“Closing of the financing agreement brings Delek Group and our gas partnerships closer to taking the final investment decision to develop the Leviathan field. Completion of the long regulatory process allows us to concentrate on implementing the natural gas outline plan, to develop the Leviathan field, to supply the requirements of the Israeli energy market, and to extend export activities,” Delek President and CEO Asaf Bartfeld said in a statement.