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    Mubadala to pick up stake in Tamar field

Summary

Delek Drilling has signed a memorandum of understanding with Mubadala Petroleum for the sale of its 22% non-operated stake in the Tamar gas field.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Middle East, Corporate, Exploration & Production, Investments, News By Country, Israel, United Arab Emirates

Mubadala to pick up stake in Tamar field

Delek Drilling has signed a memorandum of understanding with Abu Dhabi-based Mubadala Petroleum for the sale of its 22% non-operated stake in the Tamar gas field offshore Israel, it said on April 26.

If finalised, the transaction will be the largest commercial agreement following the Abraham Accords and full normalisation between the UAE and Israel, signed in August last year, Delek said.

The partners in the Tamar project are Delek Drilling (22%), Chevron (25% and operator), Isramco (28.75%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%). Under the gas framework, outlined by the government of Israel, Delek said, it is obliged to sell all of its holdings in Tamar by the end of 2021.

The Tamar field was discovered in 2009 and is located about 90 km west of Haifa, offshore Israel, at an overall depth of approximately 5,000 meters below sea level, and in waters that are 1,700 m deep.

Post-sale of Tamar, Delek will own a 45.3% stake in the giant Leviathan gas field offshore Israel and a 30% stake in the Aphrodite field offshore Cyprus.