Noble Energy to sell part of Israel’s Tamar field

Noble Energy agrees to sell a 7.5% working interest in the Tamar field offshore Israel to Tamar Petroleum Ltd. for $560M plus 38.5M shares of the Israeli company.

NBL, which says the deal is part of a commitment to sell down its Tamar interest in accordance with Israel’s government, will remain the operator and retain a 25% working interest after the closing of the transaction.

NBL says the deal follows an initial sale of 3.5% of the Tamar field in mid-2016; combined proceeds from both deals total nearly $1.25B, including nearly $1B in cash.