Deals
Delek Sells Gas Fields to Greece’s Energean for $148.5 Million
- Delek, Noble to recieve 7.5% of future pre-tax revenue
- Companies have to sell fields to develop Leviathan reserve
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Israel’s Delek Group Ltd. removed another regulatory hurdle to developing its prized Leviathan natural gas field after agreeing to sell two smaller reserves to Greece’s Energean Oil & Gas SA.
The Greek explorer will pay $148.5 million and 7.5 percent of future pretax revenue for the offshore Karish and Tanin fields, according to a Tel Aviv Stock Exchange filing late Tuesday. They hold approximately 85 billion cubic meters of natural gas, according to Delek Drilling, or about one-seventh the size of Leviathan, Israel’s largest gas find.