- Noble Energy (NYSE:NBL) is in talks with Israeli institutional investors to sell part of its holding in the Tamar natural gas reserve for at least $1B, according to weekend reports in the Israeli media.
- Under its framework agreement with Israel's government, NBL has six years to reduce its 36% stake in Tamar to 25%, but the company has been selling assets as it faces a cash crunch.
- The Tamar field off Israel's Mediterranean coast, which started production in 2013, contains estimated reserves of nearly 11T cf; Tamar partners NBL and Delek (OTCPK:DGRLY) also control the nearby and much larger Leviathan field, which is still undeveloped.
- Now read Noble Energy still a Buy at Stifel following Israel Supreme Court ruling