Noble Energy said on Monday it would sell a 7.5 percent stake in the Tamar natural gas field, offshore Israel, to Tamar Petroleum in a deal valued at about $800 million.
Under the deal, the Houston-based Noble will receive $560 million in cash and 38.5 million shares of Tamar Petroleum.
The company said the cash proceeds from the transaction will be utilized to support the capital investment in its Leviathan development.
Noble operates the Tamar field with a 32.5 percent working interest. Following closing of the transaction, the company will retain a 25 percent working interest and will remain the operator.
The divested working interest represents approximately 62 million cubic feet equivalent per day of 2017 production and proved reserves of approximately 500 billion cubic feet equivalent as of year-end 2017, Noble said.