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Bracewell Counsels Delek Drilling and Avner Oil Exploration on Financing the Development of the Leviathan Gas Field

LONDON – Bracewell (UK) LLP is serving as counsel to Delek Drilling and Avner Oil Exploration on a $1.75bn financing for the development of the Leviathan gas field (Leviathan), offshore Israel. Delek announced on 26 November, 2016 a commitment letter was signed with HSBC Bank Plc and J.P. Morgan Ltd, as 50/50 underwriters, to sign a limited recourse project financing transaction all of whose terms have been agreed.

Leviathan’s natural gas reserves, located in the Mediterranean Sea, are estimated at 22 trillion cubic feet, with an estimated 600 million barrels of oil under the gas layer.

Bracewell lawyers involved in this transaction include:

Partners: Jason Fox, Olivia Caddy, and Darren Spalding

Senior Associates: Eimear Murphy and Adam Blythe