Deal Insight

Noble sells 7.5% in Tamar to Tamar Petroleum for US$800 million

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09 February 2018

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:

  • Document

    Noble sells 7.5% in Tamar to Tamar Petroleum for US$800 million

    PDF 209.58 KB

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