Noble Completes Tamar Farm-Down

US firm Noble Energy on 3 October completed the $170mn sale of its 43.5% stake in Tamar Petroleum, a special investment vehicle set up by its Israeli partner Delek, which in turn owned 16.75% of the 10tcf Tamar field. The buyers are public institutions and pension funds.

Noble has now complied with a 2016 gas outline ruling that followed a 2015 antitrust case, farming down its interests in the Tamar gas field to 25% and selling off the Karish and Tanin fields to Greek firm Energean for $148mn and royalties ( MEES, 19 August 2016 ).

Delek for now retains 22.6% of Tamar Petroleum, as well as a 22% stake in the field held in its own right, for a total stake of 25.8% (see chart) – all of which it is obliged to sell by the end of 2021 as part of the 2016 ruling. Noble initially held a 36% stake in the field and Delek 31.25% before the US firm sold a 3.5% stake to private Israeli firm Harel for $450mn in July 2017 before setting up Tamar Petroleum as a vehicle to sell off additional stakes ( MEES, 29 June ). The largest single shareholder is now privately-owned Israeli firm Isramco with 28.75% though Noble, with 25%, remains operator (see chart). (CONTINUED - 199 WORDS)


chart Noble Complies With Regulations, Farms-Down Interest To 25% (%)