Noble Energy asking $1 billion for Tamar stake, report
Noble Energy is looking for a buyer for a 7.5 percent stake in the Israeli offshore gas field, Tamar, according to Bloomberg reports.
People with knowledge of the matter told Bloomberg that Noble Energy has hired Barclays and another unnamed bank to find a buyer. They are approaching institutional investors for the sale. Tamar has been supplying much of Israel’s energy needs since 2013.
The stake for sale may be worth between $1 billion and $1.1 billion. The entire Tamar field is being valued as high as $14.7 billion, or an increase of 20 percent from a previous valuation.
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The Israel gas outline agreement requires Noble Energy to reduce its 36 percent stake in Tamar to 25 precent by 2022 for antitrust reasons.
Noble sold a 3.5 percent working interest in Tamar to Harel Insurance Co. Ltd. and Financial Services Ltd. last year for $431 million, valuing the field at $12.3 billion.
Billionaire Yitzhak Tshuva’s Delek Group Ltd. a major shareholders, must sell its entire stake — 31.25 percent — as part of the regulatory framework. The company is considering options including an initial public offering in Europe or the U.S.
