Noble Energy closes Tamar field stake sale

Noble Energy has closed the previously announced divestment of a 7.5 percent working interest in the Tamar field, offshore Israel, to Tamar Petroleum. 

The deal between Noble and Tamar Petroleum was announced in late January 2018. Noble agreed to sell the 7.5 percent of its stake in the Tamar field for a total consideration of about $800 million.

Following the sale, Noble Energy remains the operator of the field with a 25 percent working interest.

As previously reported, Noble and its partner Delek were tasked by the Israeli authorities to sell down their stakes in Tamar, in order to introduce the healthy competition in the country’s gas market. This was due to the fact that Noble Energy and Delek control the only producing gas field there – Tamar – and the giant Leviathan gas field, which is expected to start producing in late 2019.

Under the deal with the Israeli authorities, Noble was to reduce its interest in Tamar from 36% to 25% – with Delek having to sell its entire interest of 31.25% by late 2021. Delek last year set in motion a divestiture of a 9.25 percent in Tamar and Dalit fields to Tamar Petroleum.

Noble said in January it would use the cash proceeds from the Tamar transaction to support the capital investment in its Leviathan development in the Mediterranean Sea.

Offshore Energy Today Staff