Delek Group said on Nov. 10 it won in a tender rights to explore a deepwater block offshore Newfoundland, Canada, together with a small private Israeli operator, Navitas Petroleum.
Israeli energy conglomerate Delek will own 70% of the venture and Navitas the rest. The partners have committed to invest C$48 million (US$36 million).
The exploration rights, the company said, are for Block 7, which covers an area of 2,000 sq km (772 sq miles) in water 1,400 m (1,500 yards) deep. The exploration target is estimated to be 4,500 m beneath sea level. (US$1 = C$1.3480)
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