Israel’s Harel Insurance Investments and Financial Services said it is in talks to buy up to 4% in the Tamar natural gas field from Texas-based Noble Energy, Reuters announced.
Noble and its Israeli partner Delek Group control a number of natural gas fields off Israel’s coast. Under a deal reached with the Israeli government to boost competition in the sector, Noble agreed to trim its stake in Tamar to 25% from 36%. Delek agreed to sell its entire 31.3% stake. Harel said the negotiations with Noble are for a 3% share in the project with an option to buy another 1%. However, a final agreement has yet to be reached as Harel said in a statement to the Tel Aviv Stock Exchange that any deal would require regulatory approval, according to Haaretz.
Tamar was discovered in the eastern Mediterranean in 2009 with reserves of 10tcf. It began production in 2013 and is now Israel’s primary gas supply.
In addition, Noble Energy and Delek Group are also responsible for the development of the Leviathan field, Israel’s largest gas reserves. It has an estimated 622bcm of reserves and is expected to become operational in 2019.