Noble Energy has sold its 3% stake in the Tamar field for $369million.
Harel Group snapped the interest in the development, located offshore Israel, for the bumper sum.
The Tamar field is valued at $12billion.
The Tamar field sold 252 million cubic feet per day, net, of natural gas and generated net pre-tax income of $318million for Noble Energy in 2015.
Gary Willingham, Noble’s executive vice president of operations, said: ‘This transaction reflects the inherent value of our producing Tamar asset, which reliably fuels more than half of Israel’s electricity generation today. It also highlights the potential of our other undeveloped Levant Basin discoveries, which share similar reservoir and well deliverability characteristics and are poised to bring needed energy to a region which is fundamentally short natural gas. We are excited about partnering with Harel and IIF, which bring additional leading Israeli investors into the project. These proceeds further bolster our balance sheet in the near-term and will contribute to our upcoming capital investments in Israel, including our initial investment in the Leviathan project.”
Noble Energy retains a 33% stake in the field. The sell-off is part of planned 11% sell-down of its interest in the Tamar field in accordance with Israel’s approved Natural Gas Regulatory Framework. The remaining 8% is expected to be sold over the next three years.
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