TUESDAY, 28 JAN 2020

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2019_728x90px
GloriaJeans_266x90px
IMH LTD

Costas Kadis Attends EU Council Debating European Green Deal And Cap

Kyriakos Koushos: Licensing Of Blocks Affecting Interests Of Third Parties Is Unacceptable

IMH LTD
GAP_Group_2019_468x60px

BUSINESS

brought to you by Deloitte

Noble Energy Announces Tamar Sell-Down

Noble Energy Announces Tamar Sell-Down

Noble Energy, Inc. has announced that it has signed a definitive agreement to divest a 7.5 percent working interest in the Tamar field, offshore Israel, to Tamar Petroleum Ltd. for cash proceeds of approximately $560 million and 38.5 million shares of Tamar Petroleum.  Based upon today's closing price of Tamar Petroleum, total consideration of this transaction is approximately $800 million.  This follows an initial divestment of 3.5 percent of the Tamar field in mid-2016.  Combined proceeds from both transactions total nearly $1.25 billion, including almost $1 billion in cash. 

David L. Stover, Noble Energy's Chairman, President and CEO, commented, "This transaction supports our commitment to sell down our Tamar interest in accordance with the government of Israel's Natural Gas Regulatory Framework.  It highlights the strong value of our world-class Levant Basin assets, while providing additional upside exposure from our equity interest in Tamar Petroleum.  These assets are some of the world's most attractive energy investment opportunities, with margins competitive to the best U.S. onshore oil plays and a stable, long-term cash flow profile.  Our team is doing an excellent job operating Tamar reliably at capacity while developing Leviathan which is on track to deliver first gas sales by the end of 2019."

The effective date of the transaction is January 1, 2018. Closing of the transaction is expected by the end of the first quarter of 2018, subject to Tamar Petroleum's debt financing and customary approvals, terms and conditions. 

Cash proceeds from the transaction will be utilized to support the capital investment in the Company's Leviathan development.  Noble Energy expects to incur capital gains tax of approximately 23 percent, paid upon the receipt of cash consideration at closing and as shares are divested.  The Company intends to divest shares held in Tamar Petroleum over the next several years.  As a shareholder of Tamar Petroleum, Noble Energy anticipates receiving dividend income.  

Noble Energy operates the Tamar field with a 32.5 percent working interest. Following closing of the transaction, the Company will retain a 25 percent working interest and will remain the operator.  The divested working interest represents approximately 62 million cubic feet equivalent per day of 2017 production and proved reserves of approximately 500 billion cubic feet equivalent as of year-end 2017.

 

MORE ON BUSINESS

Applications Are Open For The Cyprus Architecture, Property & Interior Design Awards

The call for applications for the "Cyprus Architecture, Property & Interior ...

Mining Industry Creates New Prospects for Cyprus

Peter van der Borgh, Managing Director of Venus Minerals Ltd, a Cyprus-based mining and ...

CEO Pessimism Over Global Growth Reaches Record High

With the new decade afoot, CEOs are showing record levels of pessimism in the global ...

FROM AROUND GOLDNEWS

   

Petroleum Products Sales for December 2019

The total sales of petroleum products in December 2019 recorded a reduction of 5,3% compared to the previous month, according to data released by CyStat. A ...
   

London Loses Reigns As Global Finance Hub

London has surrendered its position as the world’s top financial centre to New York due in part to uncertainty over Brexit, according to a survey of ...
   

Decentralized Nicosia Chapter Upcoming Event

In light of the avid interest in Decentralized Finance and tokenization of assets, the Decentralized Nicosia Chapter is opening its doors for another ...
   

The Cyprus Government Has Ratified The Multilateral Instrument

On 22 January 2020, the Instrument of Ratification of the Multilateral Convention to Implement Tax Treaty Related Matters to Prevent Base Erosion and Profit ...
   

PEK LTD: Delivering High-Quality Professional Services

PEK was established on 1 January, 1997, first as a partnership and later as a limited liability company, approved by The Institute of Certified Public ...
   

Kyriakos Koushos: Licensing Of Blocks Affecting Interests Of Third Parties Is Unacceptable

Cyprus Government Spokesman Kyriakos Koushos has told the Cyprus News Agency (CNA) that any licensing of a block for oil and gas exploration affecting the ...
   

Data Management: A Measurable Value For Every Company

George Z. Georgiou & Associates LLC presents the 3rd Data Management Forum which will take place on Thursday, 5 March 2020 at Hilton Nicosia (formerly ...
   

Costas Kadis Attends EU Council Debating European Green Deal And Cap

Cyprus’ Minister of Agriculture Costas Kadis is going to Brussels to attend the Agriculture and Fisheries Council that convenes there on ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Data_Forum_24/01-04/03_300x250px
Gold_Issue_300x250px

IMH LTD