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.