Delek boosts Israeli gas exports

Leviathan startup, combined with flows to Egypt and Jordan, shows a material bottom-line impact

Producer Delek Drilling enjoyed a significant 2020 revenue boost from the startup of its Leviathan field on the last day of 2019, more than half of the output from which was exported to Israel’s neighbours. The firm’s net profit jumped by over 60pc year on year, to $365mn. Delek has a 45.3pc stake in Leviathan and 22pc in the neighbouring Tamar field. Combined 2020 production from the two fields totalled 15.5bn m³ of gas and c.944.000bl of condensate compared with c.10.5bn m³ of gas and c.482,000bl of condensate from Tamar in 2019. All but 0.2bn m³ of Tamar’s 2019 gas was sold in Israel. $365mn – Delek’s 2020 net profit The arrival of Leviathan did see Tamar production throttled back