Noble Energy completes Tamar stake sale

Noble Energy completes Tamar stake sale
Image courtesy of Noble Energy

Noble Energy on Wednesday said it has closed the sale of a 7.5 percent stake in the Tamar Natural gas field, offshore Israel, to Tamar Petroleum. 

Despite the sale, which was valued at about $800 million, Noble Energy retains a 25 percent stake in the field and remains operator.

In its initial statement, the Houston-based Noble Energy said it will receive $560 million in cash and 38.5 million shares of Tamar Petroleum.

The cash will be channeled into the capital investment in its Leviathan development.

The divested working interest represents approximately 62 million cubic feet equivalent per day of 2017 production and proved reserves of approximately 500 billion cubic feet equivalent as of year-end 2017, Noble said.