Newspaper article International New York Times

Israeli Firms to Buy 3 Percent of Tamar Gas Field

Newspaper article International New York Times

Israeli Firms to Buy 3 Percent of Tamar Gas Field

Article excerpt

Under a deal reached with the Israeli government to increase competition in the energy sector, Noble agreed to trim its stake in Tamar to 25 percent.

Harel Insurance Investments and Financial Services and the Israel Infrastructure Fund have agreed to buy 3 percent of the Tamar natural gas field from Noble Energy for $369 million, Harel said on Tuesday.

Noble owns 36 percent of the Tamar field, which was discovered in the eastern Mediterranean in 2009 and has estimated reserves of 10 trillion cubic feet. It began production in 2013 and now fuels more than half of Israel's electricity generation.

Under a deal reached with the Israeli government to increase competition in the energy sector, Noble agreed to trim its stake in Tamar to 25 percent.

Noble and its Israeli partner, Delek Group, control a number of natural gas fields off Israel's coast, including the much larger Leviathan field. …

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