TEL AVIV, April 23 Subsidiaries of Israel's
Delek Group will seek to raise up to $2 billion from
a bond issue in the United States this year to invest in gas
fields off Israel's Mediterranean coast, a market source said on
The planned offering by Delek Drilling and Avner
Oil Exploration is also intended to clear an $800
million loan that financed development of the Tamar field, which
began natural gas production at the end of last month.
Tamar holds an estimated 10 trillion cubic feet of gas.
Funds from the bond offering would also be used to help to
finance the development of the even larger Leviathan gas field,
which the company hopes will start production around 2016, the
Officials at Delek Group declined to comment.
The Globes financial newspaper reported that JPMorgan Chase
would underwrite the offering.
Texas-based Noble Energy leads the groups developing
the Tamar and Leviathan fields.