Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Noble Energy asking $1 billion for Tamar stake, report

The Israel gas outline agreement requires Noble Energy to reduce its 36 percent stake in Tamar to 25 precent by 2022 for antitrust reasons.

 

The Leviathan gas field (Photo Albatross Aerial Photography)

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.

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.

 

 

Click to comment

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Advertisement