|Bid||1,067.00 x 0|
|Ask||1,069.00 x 0|
|Day's Range||1,049.00 - 1,079.00|
|52 Week Range||871.00 - 1,238.00|
|Beta (3Y Monthly)||0.46|
|PE Ratio (TTM)||5,471.79|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||12.66|
Israel Electric Corp will buy about $700 million worth of natural gas until June 2021 from the Leviathan field in the Mediterranean, one of the partners in the field said on Wednesday. Delek Drilling said the Israeli state utility will buy about 4 billion cubic meters of gas from Leviathan, from the time it begins operation around Oct. 1, 2019 until June 30, 2021, or until the Karish field comes online, whichever happens first. Delek owns 45% of Leviathan while Texas-based Noble Energy and Ratio Oil are also partners in the field.
Israel will resume gas production from offshore Tamar field after a ceasefire brought an end to a surge in violence in the Gaza Strip, the energy ministry said on Monday. Energy Minister Yuval Steinitz had frozen operations at Tamar, Israel's main natural gas source, on Sunday when the cross-border violence peaked. Tamar's production platform is off Israel's southern shore and in range of rockets from the Gaza Strip.
Israel's energy minister decided on Sunday to temporarily halt natural gas supplies from the offshore field Tamar due to a surge in violence with Gaza militants, the ministry said in a statement. Israel receives most of its natural gas supplies from Tamar. The field is located some 90 kilometres (56 miles) in deep waters of the Mediterranean, but its production platform stands just 25 kilometres off the coast of southern Israel.
Cyprus expects initial natural gas production from the Aphrodite field will begin between 2024 and 2025, Cyprus' Minister of Energy Yiorgos Lakkotrypis said on Friday, after negotiations with operators and an ownership squabble delayed output. Cyprus' Aphrodite was first discovered in 2011, but production has been delayed since as stakeholders Noble Energy , Israel's Delek Drilling and Royal Dutch Shell renegotiate a production-sharing agreement with the government. There have been a flurry of successful exploration efforts in recent years that identified natural gas plays in the eastern Mediterranean, where gas output has begun to soar.
State-run Israel Electric Corp (IEC) has chosen the Leviathan gas field off Israel's Mediterranean coast for a short-term natural gas supply deal, saying it would lower its costs by up to $175 million. Leviathan will supply about 4 billion cubic meters of gas once production begins this October until June 2021, although IEC said in a statement there was no minimum purchase requirement. The deal with Leviathan, which is subject to various approvals, will apply to gas quantities that exceed its minimum it is obligated to buy from the Tamar gas field.
Israeli Prime Minister Benjamin Netanyahu on Thursday inaugurated the foundation of the Leviathan natural gas rig, effectively stomping out protests from residents and environmentalists who say it is too close to shore. Leviathan, discovered in 2010, is one of the world's largest gas discoveries of the past decade. "Israel is becoming an energy power.