Big Law

Delek Group Acquires a 22.45% Interest Tonga Oil Field

  • Delek Group has signed an agreement to acquire 22.45% of the Caesar Tonga oil field in the Gulf of Mexico from a subsidiary of Royal Dutch Shell plc for a purchase price of USD 965 million.
  • Caesar Tonga currently produces approximately a total gross of 71,000 barrels of oil equivalent per day. The Group will be joining three multinational energy companies who already own stakes in the field.
  • Delek Group’s interest in the field stands at proven reserves of 78 million barrels of oil equivalent (2P) and generate annual EBITDA of approximately USD 230 million.
  • The acquisition will be financed by non-recourse loans from international banks against the asset, along with Delek Group funds.
  • The completion of the transaction is subject to, among other things, the right of first refusal possessed by the field’s other co-owners.

Read the source article at Legal News & Business Law News

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