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Tuesday, December 23, 2014

Israel regulator opposes Noble, Delek control of Leviathan field, (NYSE: NBL)

Israel's antitrust regulator has recommended breaking up what it says is excessive control of key gas reserves by Noble Energy and conglomerate Delek Group, who together hold 85 percent of the country's giant Leviathan field.Competition authorities had initially rubber stamped the acquisition of Leviathan, provided Delek and Noble sold stakes in two smaller gas sites. The turnaround rattled investors and sent Israel's oil and gas stocks tumbling as much as 20 percent on Tuesday.Antitrust commissioner David Gilo said late on Monday that he had summoned the companies to tell them that he was reconsidering the earlier arrangement."The entry of Delek and Noble into Leviathan created a situation in which these groups control all of the gas reserves on the State of Israel's coast," the regulator said in a statement.

Noble Energy, Inc. (Noble Energy) is an independent energy company engaged in worldwide oil and gas exploration and production. Shares of NBL fell by 0.47% or $-0.24/share to $50.95. In the past year, the shares have traded as low as $42.11 and as high as $79.63. On average, 3473790 shares of NBL exchange hands on a given day and today's volume is recorded at 3752379.