Houston-based company Noble Energy Inc. announced plans to sell a portion of its stake in the Israeli offshore oil field, Tamar. The decision is in compliance with a 2016 anti-monopoly decision by Israel's High Court of Justice.
Tamar Petroleum Ltd. (TASE: TMRP), headquartered in Israel, will pay $800 million ($560 million in cash) for a 7.5% working interest in the field. Noble remains the operator of the oil project with a 25% working interest in Tamar.
The Texas energy firm plans to reinvest the cash that it will receive from the deal towards the development of its other Israeli offshore oil field, the $3.75 billion Leviathan project.