Delek Drilling-LP and Avner Oil Exploration LLP led declines on Israel’s benchmark index on concern uncertainty on government-imposed export quotas would hinder further development of offshore gas fields.
Avner Oil Exploration LLP and Delek Drilling-LP rose to the highest in a week as they said “significant” signs of natural gas were discovered at the Karish 1 site, increasing bets the find will help boost exports.
Royal Dutch Shell Plc, Exxon Mobil Corp., Petroleo Brasileiro SA and Total SA all obtained tender documents allowing them to bid for exploration licenses off Lebanon, according to the country’s industry regulator.
Ratio Oil Exploration 1992 LP and Delek Drilling-LP, partners in Israel’s largest natural gas field, advanced on bets the government will approve exports as data showed higher reserves at the Leviathan field.
Israel started gas production at the Tamar offshore field in an effort to put the country on the road to energy independence and save a projected 1 billion shekels ($274 million) a month, according to the government.