Delek Group Ltd. (TASE: DLEKG) gas exploration units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) today reported higher revenue and profits for 2013, fueled by the start of gas flow from the Tamar offshore field in April. The two companies each owns 15.625% of Tamar
Tamar sold 6.4 billion cubic meters of natural gas in 2013, as well as condensates. Delek's partners in Tamar are Noble Energy Inc. (NYSE: NBL), Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L), and Alon Natural Gas Exploration Ltd. (TASE: ALGS).
Delek Drilling's revenue, net of royalties, rose 78% to $174.9 million in 2013 from $98.2 million in 2012. Avner's revenue, net of royalties, rose 80% to $166ץ5 million in 2013 from $92.3 million in 2012. Delek Drilling's net profit quadrupled to $61.2 million in 2013 from $14.6 million in 2012, and Avner's net profit quintupled to $50.1 million from $9.9 million.
The partners in Tamar have approved a project to expand the gas field's production and delivery capacity. The project's first stage will cost $216 million. In the second stage, the partners will adapt the Mari B platform at the Yam Tethys (owned by Delek and Noble Energy) so the depleted gas field can function as a strategic and operational reserve for Tamar.
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2014
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