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Thursday, 4 October 2018

Noble Energy sells its entire stake in Tamar Petroleum

Noble Energy sells its entire stake in Tamar Petroleum following EMG stake purchase: Houston-based oil and gas company Noble Energy has sold its entire 43.5% stake in Israel’s Tamar Petroleum — through which Noble and Delek operate the Tamar gas field, Reuters reports, citing Israeli newspaper TheMarker. The sale of 40 mn shares saw Noble reeling in around USD 170.4 mn, and was reportedly carried out on the Tel Aviv Exchange last week, according to TheMarker. The sale comes after Noble, Delek, and their Egyptian partner East Gas signed a USD 518 mn agreement to acquire a 39% stake in East Mediterranean Gas, paving the way for the gas field operators to export natural gas to Egypt under a USD 15 bn agreement signed in February with Alaa Arafa’s Dolphinus Holdings.

The story is topping coverage of Egypt in the foreign press, with news outlets including Interfax and Haaretz noting that the agreements are bringing Egypt closer to its goals of becoming a regional gas hub.

Meanwhile, the Cypriot government has invited Eni, Total, and ExxonMobil to compete for exploration rights at new offshore blocks in the East Mediterranean, according to the Daily Star. Egypt signed a preliminary agreement with Cyprus last month that could see the two countries build a USD 1 bn underwater pipeline to transport natural gas from the Aphrodite field to liquefaction facilities in Egypt for processing. Official talks between both countries are set to continue this week.

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