Noble Energy sells interest in Tamar gas field

Noble Energy sells interest in Tamar gas fieldTamar platform (Image courtesy of Delek Group)

Noble Energy signed an agreement to sell 3 percent working interest in the Tamar gas field offshore Israel, to the Harel Group in partnership with Israel Infrastructure Fund.

The transaction is valued at US$369 million, the price based on a gross pre-tax Tamar valuation of approximately $12 billion.

Noble noted that the transaction is expected to close in the third quarter of 2016.

The after-tax proceeds received expected to be around $275 million.

Under the agreement, Harel and IIF have the option to buy additional one percent of working interest before the transaction closes.

Noble Energy and partners are planning to drill and complete an additional development well at the Tamar field in response to the continued increasing demand and outlook for natural gas usage within Israel. Drilling is anticipated to commence in the fourth quarter of 2016.

The Company is carrying out an 11 percent sell-down of its interest in the Tamar field and anticipates the sale of the remaining 7 to 8 percent working interest over the next 36 months. Following completion of this sell-down process, Noble Energy will retain a 25 percent working interest and operatorship in the Tamar field, which has recoverable gross mean natural gas resources of 10 trillion cubic feet.

In 2015 Noble Energy reported a pre-tax income of US$318 million from 252 million cubic feet per day sold during the year.

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