Noble Energy Inc. (NYSE: NBL) will sell a 7.5% stake in the Tamar natural gas field offshore Israel to Tamar Petroleum Ltd. for about $800 million in cash and shares, the Houston-based oil and gas producer said Jan. 29.
Noble will receive $560 million in cash and 38.5 million shares of Tamar Petroleum.
The deal allows Noble to cut its holdings in Israel's only commercial gas field to 25% from 32.5%, complying with government plans to open the market to competition.
The assets being sold produced about 62 million cubic feet equivalent per day of natural gas in 2017, Noble said.
The deal follows an initial sale by Noble of 3.5% of the Tamar field in mid-2016. Combined proceeds from both deals amount to nearly $1.25 billion, of which almost $1 billion will be in cash.
Ecopetrol Says Permian ‘Strategic’ to Its Portfolio
2023-05-12 - Colombia state energy giant Ecopetrol, partnered in the Permian Basin with Occidental Petroleum, continues to view its U.S. shale assets as ‘strategic’ within its portfolio.
Eni’s Yatzil Well Hits in Mexican GoM
2023-03-17 - Eni’s Yatzil well found 130 ft of pay, and the operator estimates 200 MMboe reserves in place.
Pemex Submits Zama Field Plan with Talos, Partners to Mexican Authorities
2023-03-24 - The shallow GoM discovery, made by Talos Energy, could produce 180,000 bbl/d for Pemex, about 10% of Mexico’s current oil output.
Exxon Quits Drilling in Brazil After Failing to Find Oil
2023-04-05 - Exxon bet billions of dollars on offshore drilling in Brazil, but has yet to make a major oil discovery as an operator in Brazil's water.
Equinor, Repsol and Petrobras Reveal $9B FID Offshore Brazil
2023-05-08 - Equinor, Repsol and Petrobras, partners in the BM-C-33 project offshore Brazil, have taken a $9 billion final investment decision for the project which is slated to start up in 2028.