Israel's Delek Group Wins Exploration Tender Offshore Canada

Reuters

JERUSALEM, Nov 10 (Reuters) - Israeli energy conglomerate Delek Group said on Thursday it won in a tender rights to explore a deep-water block offshore Newfoundland, Canada together with a small private Israeli operator, Navitas Petroleum.

Delek will own 70 percent of the venture and Navitas the rest. The partners have committed to invest C$48 million ($36 million).

The exploration rights, the company said, are for Block 7, which covers an area of 2,000 square kilometers (772 square miles) in water 1,400 meters (1,500 yards) deep. The exploration target is estimated to be 4,500 meters beneath sea level.

($1 = 1.3480 Canadian dollars)

(Reporting by Ari Rabinovitch)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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