Avner Oil Exploration

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In 1999, partners in the Yam Tethys joint venture, including Delek Drilling and Avner Oil & Gas Exploration, Delek Group and U.S. based Noble Energy, discovered Noa and Mari B, two significant natural gas reservoirs located offshore Israel opposite Ashkelon. These discoveries led to the beginning of Israel’s natural gas market. In 2004, following broad engineering efforts and the first of its kind in Israel, the Yam Tethys partners introduced natural gas to the Israeli market. Its first customer was Israel’s Electric Company which, for the first time, fueled the operation of one of its electric power stations with Israeli natural gas. In 2009, the discovery of the Tamar and Dalit fields 100 kilometers off of Israel’s northern coast by Delek and its partners marked a major turning point for the Company and for Israel’s energy sector as a whole. Tamar was the world’s largest natural gas discovery in 2009. Tamar’s and Dalit’s reserves are estimated today to contain over 9 trillion cubic feet (TCF) of natural gas, a quantity sufficient to meet Israel’s natural gas needs for over 20 years. In late 2010, Delek struck the largest natural gas find in Israel’s history at the Leviathan well. Both Tamar and Levi-athan are the largest deepwater gas discoveries in the world in the past decade. The company ownership of these prime drilling locations in addition to numerous licenses for further exploration off the Israeli coast ensures that Delek Drilling and Avner together with their partners will remain Israel’s major gas supplier for the foreseeable future.

Sector: Oil & Energy

Website: http://www.delek-group.com/Holdings/EnergyInfrastructure/AvnerOilExploration.aspx

Year Established: 1999