Deal Insight
Noble sells 7.5% in Tamar to Tamar Petroleum for US$800 million
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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:
Other reports you may be interested in
Asset Report
Israel Other Fields
Aside the Tamar, Leviathan, Karish Area Fields and Yam Tethys areas - all covered in dedicated analyses - there are fifteen other ...
$3,720
Insight
Continental and Mediterranean Europe upstream month in brief: 04 October 2016
The month in brief covers the past month's main stories in the Continental and Mediterranean Europe upstream sector.
$1,350
Asset Report
Umm al Dalkh
Umm al Dalkh is an offshore oil field located 20 kilometres northwest of Abu Dhabi city. It lies a few kilometres east of the Umm al ...
$3,720
