Deal Insight
Noble sells 7.5% in Tamar to Tamar Petroleum for US$800 million
Report summary
Noble Energy has sold a 7.5% working interest stake in the Tamar natural gas field, offshore Israel. Noble previously agreed a Gas Outline Agreement (GOA) with the Israeli Government, under which Noble Energy has to divest its working interest from 36% to 25% in Tamar by 2021. Tamar Petroleum has agreed to pay US$800 million; US$560 million in cash and 38.5 million of shares in Tamar Petroleum's Tel Aviv-listed stock. We calculate that the deal has been done at a significant premium to our underlying base case NPV10 for Tamar. However, this premium is very close to the premium paid by Harel in 2016, in a deal which began Noble's divestiture process.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
- Executive summary: Table 1
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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