Harel and Israel Infrastructure Fund $369 million acquisition of 3% stake in the Tamar gasfield

Overview:

• Israeli insurer and pension provider Harel and private equity firm Israel Infrastructure Fund acquired a 4% stake in the Tamar gas field from US oil and gas group Noble Energy for $369 million.
• Located in Israeli waters of the Mediterranean, Tamar has been operational since 2013.
• Noble, the site's operator, owns 36% of the business which holds the rights to the field. 
• Under natural gas regulations introduced by Israel, Noble is required to divest of 11% of its stake in Tamar. 
• The regulations are an attempt to break the monopoly a few companies have over the Israel's energy assets.
• Nobel is expected to sell another 7-8% in Tamar by mid 2020.

Ben Nalor - Regional Editor