Noble Energy Sells its Stakes in Tamar Field

Thursday, 4th October 2018
by Sarah Samir

MEDITERRANEAN SEA, ISRAEL – FEBRUARY 2013: In this handout image provided by Albatross, The Tamar drilling natural gas production platform is seen some 25 kilometers West of the Ashkelon shore in February 2013 in Israel. The offshore Tamar drilling site which was originally dispatched from a shipyard in Texas at the end of last year is due to start producing natural gas next week. Over the past few years Israel has suffered from a shortage in natural gas, but with the new platform that weighs 34,000 tons and will be mainly operated by Israelis, the US company Nobel Energy which owns a 36% stake in Tamar, hopes to change Israel’s energy situation as well as the economy as a whole. (Photo Photo by Albatross via Getty Images)

Noble Energy has sold its 43.5% stake in Israel’s Tamar natural gas field, a week after announcing that it will fund a natural gas export deal with Egypt, Reuters reported.

The Texas-based firm all of its 40 million shares in the Tamar field for $4.26 each through the Tel Aviv Stock Exchange.

The announcement comes days after the Noble-led consortium announced the purchase of a 39% stake in the Eastern Mediterranean Gas Company (EMG).

The move paves the way for Israel to begin exporting natural gas to Egypt in 2019 through the EMG-owned Ashkelon-El Arish pipeline.

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Sarah Samir 3751 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.