Noble selling 30% stake in Israel's offshore Leviathan field

9/10/2012

Noble selling 30% stake in Israel's offshore Leviathan field

LONDON -- A stake in a large gas field off the coast of Israel has been put up for sale by its owners, The Sunday Times reports. Noble Energy and its partners Delek Drilling and Avner oil & gas Exploration are selling a 30% stake in the Leviathan gas field. The field contains 17 Tcf of natural gas and its discovery by Noble Energy and its partners in 2010 was the largest in a decade.

Leviathan's discovery, however, raised political tensions between Israel and Lebanon, since it lies close to the disputed dividing line between countries' territorial waters. HSBC has been hired to sell the 30% stake.

Chinese and Russian state owned firms are considered potential suitors for the stake, according to sources close to the matter cited by the sunday times. International companies such as BP and Exxon Mobil, however, are likely to avoid involvement in the sale as they are wary of fraying relations with countries in the Middle East that they operate in, the sources told the newspaper.

Dow Jones Newswires

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