Insurance company Harel seeks to buy 3% of the rights in the Tamar gas reservoir from Noble Energy, with an option on a further 1%.
US company Noble Energy, which owns 36% of the rights in the Tamar gas reservoir, is in talks to sell a 3% stake in the reservoir to Harel Insurance Investments and Financial Services Ltd. (TASE: HARL). Harel's notice to the Tel Aviv Stock Exchange states that the company will buy an option of a further 1% of the reservoir.
Noble Energy is due to sell 10% of the reservoir in accordance with the new gas outline agreement with the Israeli government and to reduce its stake to 25%. Harel is the first company to respond to the new gas outline plan, and it is believed that other insurance companies will buy stakes in the gas reservoirs, which represent a stable investment thanks to their regular cash flow.
Published by Globes [online], Israel business news - www.globes-online.com - on June 26, 2016
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Tamar