Israel Prepares to Sell Billions Worth of Offshore Gas Fields

Israel moved one step closer to selling stakes worth billions of dollars in its offshore natural gas fields after the Cabinet approved development plans that may lead to exports of the fuel for the first time.

Israel’s Delek Group Ltd. and Houston-based Noble Energy Inc. would have to reduce or sell stakes in the Tamar field in a bid to increase competition, according to Cabinet plans approved Sunday. In return, they could keep control of Leviathan, the world’s fourth-biggest offshore natural gas discovery in the past decade. Italy’s Edison SpA said it’s interested in Israel’s smaller gas fields.