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

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Tamar Photo: Ben Yoster
Tamar Photo: Ben Yoster
Twitter Facebook Linkedin RSS Newsletters גלובס MAD Conference 2017