A little about us
Delek Drilling and Avner Oil Exploration are the leading Israeli energy partnerships in the exploration, development, production and sale of natural gas and condensate. The Delek Drilling and Avner gas partnerships are subsidiary partnerships of the Delek Group, controlled by entrepreneur and businessman Yitzhak Tshuva. Each of the partnerships is traded on the Tel Aviv 25 Index (TA-25).
Delek Drilling and Avner, together with Noble Energy, Inc., have led the natural gas revolution in Israel. Following decades of enormous and fruitless investment in financing gas and oil exploration by successive Israeli governments, a government decision was taken to let go of its involvement in oil and natural gas exploration and transfer this activity to the private sector, a move that led to significant discoveries off the coast of Israel.
Today Delek Drilling and Avner are partners in several major gas discoveries in the Eastern Mediterranean including, among others, Tamar (306 billion cubic meters - BCM), Leviathan – the largest deep water discovery in the world at that time (621 BCM), Aphrodite in Cyprus (129 BCM), and others.
Gas started to flow from the Tamar reservoir to the Israeli market in March 2013, and its output is being used today to produce more than 50% of Israel’s electricity. Among Tamar’s most prominent customers are: The Israel Electric Corporation (IEC), private power plants such as Dorad, Dalia and OPC, and a string of industrial facilities. In the coming years hundreds more industrial entities are expected to connect to the gas transportation system, which will increase natural gas consumption in Israel and significantly cut energy costs for Israeli industry.
Delek Drilling LP
Delek Drilling is a limited partnership formed in 1993 as a subsidiary partnership of the Delek Group, which is controlled by entrepreneur and businessman Yitzhak Tshuva. The partnership is active in exploration, development, production and sale of natural gas, crude oil and condensate.
The Delek Group Ltd. holds (indirectly) 100% of the share capital of Delek Drilling Management (1993) Ltd., the general partner in Delek Drilling, alongside the limited partner, which serves as a trustee and holds the participation units issued by it in trust for the unit holders. These units confer participation in the limited partner’s rights in the partnership. Delek Drilling is traded on the TA-25 Index on the Tel Aviv Stock Exchange.
Delek Drilling, together with its partners Avner Oil Exploration and US company Noble Energy, Inc., has been an active and prominent partner in all the significant gas discoveries made in the exclusive economic zone (EEZ) of Israel as of the final decade of the 20th century through to the present.
Avner Oil Exploration LP
Avner Oil Exploration is a Limited Partnership formed in 1991, pioneering the first foothold of the crude oil and gas exploration industry in Israel in the format known to us today.
Avner was founded by Dr. David Cohen; Gideon Tadmor, who until January 31, 2015 served, among other positions, as CEO and Board Director of Avner; and Chairman of Delek Drilling and geologist Dr. Eli Rosenberg, who was the professional visionary who instilled the dream of Israeli gas. Long before Avner was established, Dr. Rosenberg engaged in research and analysis of the Levant Basin, focusing particularly on the probability of discovering significant reservoirs of natural gas in Israel’s EEZ. Considered by many to be the founding father of Israeli gas discoveries, Dr. Rosenberg was the first geologist whose research studies showed real probability of “made in Israel” energy discoveries.
The Delek Group, out of a future-looking perspective, sought to incorporate the Avner Partnership into its own energy activity endeavor. The partnership between the parties went from strength to strength over the years until, in the 1990s, Avner was fully incorporated into the activity of the Group and in practice became a sister partnership to Delek Drilling, with almost equal holdings in the gas reservoirs.
In 1998, a partnership was formed between Delek Drilling and Avner and the US company Noble Energy, one of the very few international energy companies willing to enter into exploration and research activity in Israel, given that it meant taking on significant risk. Noble Energy is an international energy company specializing in exploration, drilling, development and production of natural gas and crude oil around the world. The company has the technological and engineering capabilities that facilitated the natural gas revolution in Israel. Noble is the Operator of the Yam Tethys, Tamar and Leviathan reservoirs, and of additional licenses of the partnerships.
Vision and Strategy
Delek Drilling and Avner are Israeli partnerships deeply committed to Israel, the local economy, and Israeli society as a whole. As such our partnerships are determined to persevere in leading the Israeli and regional energy market into the future and creating long-term strategic partnerships with countries in the region and with international energy companies.
Our goal is to provide energy security to millions of citizens in Israel and the region, to be a source of vast income to the national treasury, and to assist in promoting Israel’s standing in the world.
We believe that the natural gas discoveries in Israel, Cyprus and Egypt could serve as a bridge to extensive regional cooperation in energy as well as in other fields. The vast resources discovered in recent years in the Mediterranean Basin have the potential to bring economic benefit to many countries in the region. They could improve geopolitical relations between Israel and its neighboring countries, including Egypt, Jordan, Turkey, Cyprus, the Palestinian Authority, and others. Delek Drilling and Avner are simultaneously seeking to establish and expand international energy activity that is synergetic with its operations in Israel and Cyprus.
Delek and Avner’s activity reflects the long-term commitment of Yitzhak Tshuva to the vision of the strategic empowerment of Israel through economic alliances. Alongside his activity in the energy sector, which led to the partnerships’ natural gas discoveries, Tshuva has in recent years also been promoting a project called “Canal of the Seas – Canal of Peace” – an initiative that won the support of the World Bank and the attention of many world leaders. In addition, the Delek Foundation is behind a variety of projects in support of education, culture and science.