Noble Energy cashes out of Tamar Petroleum after Egypt gas deal

JERUSALEM (Reuters) - Texas-based Noble Energy sold its 43.5 percent stake in Israel’s Tamar Petroleum after announcing last week that it would help finance a gas export deal with Egypt, the Israeli business daily The Marker reported.

Noble’s sale of 40 million Tamar shares, at 15.50 shekels ($4.26) each, took place on the Tel Aviv Stock Exchange, The Marker said in the unsourced report.

A Noble representative in Israel declined to comment.

Tamar shares were up 2.1 percent at 16.39 shekels in midday trade.

On Sept. 27, Noble, Israel’s Delek Drilling and the Egyptian East Gas Co said they would buy a 39 percent stake in the EMG pipeline to enable a landmark $15 billion deal to export natural gas from Israel to Egypt to begin next year.

Map Source: EWA

The $518 million purchase will enable the supply of 64 billion cubic metres of gas over 10 years from Israel’s offshore Tamar and Leviathan fields. Delek and Noble, which are partners in the fields, will each pay $185 million while the Egyptian East Gas Co will pay $148 million.

Copyright © 2018. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

FEATURED COLUMNS

	Editorial Comment -Adrienne Blume China is hosting the 19th International Conference and Exhibition on Liquefied Natural Gas (LNG2019) in Shanghai from 1–5 April—an appropriate choice of host country, given China’s increased appetite for natural gas.
	EWAnalysis: Canada comes late to LNG; projects and prospects mixed - Energy Web Atlas Canada has abundant natural gas resources.
	Executive Viewpoint: BHGE developing technology-driven solutions to reduce total cost of ownership -Alberto Matucci While BHGE recently won new orders for LNG projects, the company remains committed to differentiating the business, implementing solutions proven in LNG into other applications of the oil and gas value chain.
	Industry Trends: Russia and US go head-to-head over EU gas market -Eugene Gerden Lower-cost Russian gas will likely continue to dominate the EU market in the coming years, despite the growth in oil prices, to which Russian gas prices are linked.