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LONDON, UK / ACCESSWIRE / March 16, 2018 / Active-Investors.com has just released a free research report on Noble Energy, Inc. (NYSE: NBL) ("Noble"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NBL as the Company's latest news hit the wire. On March 14, 2017, the Company shared that it has completed the previously announced divestment of its 7.5% working interest in Israel's Tamar field to Tamar Petroleum Ltd. After the completion of the divestment, Noble retains 25% working interest in the Tamar field and continues to be its operator. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Noble has announced the partial divestment in the Tamar field in January 2018.
About Tamar Field
Noble's Tamar field is in the Mediterranean Sea, east of the Leviathan field, offshore Israel. The Company discovered natural gas at this field in 2009 and is considered as one of its largest discoveries.
The Tamar field is estimated to have reserves of 10 trillion cubic feet (tcf) of gas. The Company started full production from this field in 2013 and the production from Tamar field contributes to 60% of the Israel's power generation needs. For FY16, the Tamar field produced sales volumes of approximately 900 MMcf/d gross.
Details of the Partial Divestment
In January 2018, Noble had announced the divestment of 7.5% working interest in Tamar field to Tamar Petroleum Ltd. As per the terms of the agreement, Noble received approximately $560 million in cash and 38.5 million shares of Tamar Petroleum in exchange for its divestment. The deal was valued approximately $800 million.
The Company had divested approximately 3.5% in the Tamar field to Tamar Petroleum in 2016. Noble plans to continue reduce its stake in the Tamar Petroleum over the next few years. In the meanwhile, as a shareholder of Tamar Petroleum, it will continue to receive dividends for its holdings.
The 7.5% working interest represents production of approximately 62 million cubic feet equivalent per day of 2017 and proved reserves of approximately 500 billion cubic feet equivalent as on December 31, 2017.
Noble plans to utilize the funds from the transaction towards capital outlay for the development of the Leviathan field which is expected to start first production by end of FY19. Once the transaction is closed, Tamar Petroleum will own 16.75% working interest in the Tamar field.
Rationale behind the divestment
Noble's decision to reduce its interest in the Tamar field is due to the pressure from the Israeli antitrust regulators. The Israeli government had an issue with the growing monopoly of Noble Energy and Delek Group on offshore discoveries in Israel. Both companies are the primary investors in the Tamar and Leviathan fields with no other major competitor. In December 2014, Israel's antitrust regulator took the decision to break the monopoly of Noble and Delek and cancelled the previous agreement for development of offshore oil fields. The regulator mandated that both companies sell their stake in Tanin and Karish fields to retain their stakes in Tamar and Leviathan fields. This resulted in protracted negotiations between the Israeli government and these two companies and delayed the development of the Leviathan field. The Israeli government and the two companies signed the Israel's Gas Framework agreement for development and diversification of its offshore industry at the end of 2015. This was further revised in May 2016 which set the stage for Noble to start work on the development of the Leviathan gas field which is expected to start production by end of 2019.
As per the terms of the framework agreement, the government gave time until 2021 for Noble to bring down its interest to 25% while Delek had to divest 31.5% stake in Tamar field. Following this, in 2016, Noble divested 3.5% in Tamar field and planned divestment of the remaining interest in next few years. In July 2017, Delek divested 9.25% stake in the Tamar field.
About Noble Energy Inc.
Houston, Texas-based Noble is an independent exploration and production Company. The Company which was founded 85 years back has a diversified portfolio of US based unconventional assets and global offshore conventional assets. The Company has total proved reserves of 1.9 billion barrels of oil equivalent and is expected to produce an average of 343,000-353,000 barrels of oil equivalent per day in 2018.
Stock Performance Snapshot
March 15, 2018 - At Thursday's closing bell, Noble Energy's stock dropped 1.25%, ending the trading session at $29.33.
Volume traded for the day: 4.06 million shares.
Stock performance in the last month - up 14.88%; previous three-month period - up 9.24%; past six-month period - up 12.85%; and year-to-date - up 0.65%.
After yesterday's close, Noble Energy's market cap was at $14.20 billion.
The stock has a dividend yield of 1.36%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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