Italy’s Edison in negotiations to acquire two Israeli gas fields

07/03/2014 14:59 Natural Gas

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Edison, Italian utility owned by EDF France, is in negotiations to acquire the Tanin and Karish gas fields offshore Israel from Delek Drilling and Noble Energy, U.S. explorer, at a total capacity of about 70 billion cubic metres, according to two sources familiar with company’s plans.

The Israeli and U.S. firms should vend their stakes in the two minor fields to prevent from denouncing a cartel by the antitrust organization. The enormous Leviathan gas fields are presently developed by Delek Drilling and Noble Energy. Around 29 trillion cubic feet of gas deposits have been discovered offshore Israel by both companies since 2009. Offshore Israel is already being explored by Edison after purchasing licenses for the Neta and Roi locations, which cover an area nearby Leviathan gas fields that is imperative to Israel's goal to become a worldwide gas exporter. The price for gas in Israel is low, counting for about $5.50 per million British thermal units (mmBtu), and together with regulatory insecurity makes hard to justify large investments in the country.

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