Noble Energy (NBL) has agreed to sell its 47% stake in two undeveloped gas fields in the eastern Mediterranean to Israeli partner Delek Group for $67m, reported Seeking Alpha.
This is to satisfy anti-trust concerns that NBL held too much control over Israel’s natural gas resources. The two fields, the Karish and Tanin fields, contain an estimated total of 3tcf of gas.
The deal allows Delek to have exclusive control to sell the full rights to a separate buyer within 14 months as part of an arrangement with Israel’s government to open the country’s reserves to additional developers.
Hess, EOG Resources and Eni’s have already been considered as potential buyers.
According to Haaretz the final decision to go ahead with this sale lies in the hands of the Israeli government, which will appear before the Knesset Economic Affairs Committee when it begins hearings on the still controversial natural-gas framework agreement early next week.
The hearing is mandatory before Netanyahu who can exercise his power to waive antitrust provisions, having taken over post of economy minister.
Netanyahu is not actually obligated to consider the recommendations of the economics committee. It’s hearings will run daily from 10 A.M. to 2 P.M. through December 10.