Noble asking $1b for 7.5% Tamar stake - report

Tamar Photo: Ben Yoster

Noble Energy has hired Barclays and another bank to find a buyer for part of its stake in the Israeli offshore gas field, "Bloomberg" reports.

Noble Energy Inc. (NYSE: NBL) has hired Barclays and another unnamed bank to find a buyer for a 7.5% stake in the Tamar natural gas reservoir, "according to people with knowledge of the matter," "Bloomberg" reports. Institutional investors are reportedly being asked to pay $1-1.1 billion for the stake in Tamar, which has been supplying much of Israel's energy needs since 2013.

The Israel gas outline agreement requires Noble Energy to reduce its 36% stake in Tamar to 25% by 2022 for antitrust reasons. Last June, Noble Energy reduced its Tamar holdings to 32.5% by selling a 3.5% stake to Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) and the Israel Infrastructure Fund for $431 million, giving Tamar an overall value of $12.3 billion.

In any new deal, Noble Energy now reportedly gives Tamar a valuation of $14.5 billion. When approached by "Bloomberg" both Noble and Barclays declined to comment.

Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Tamar Photo: Ben Yoster
Tamar Photo: Ben Yoster
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