Mubadala Abu Dhabi buys Tamar’s stake in Delek Drilling


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Delek Group Ltd. announced. (TASE: DLEKG) Exploration and Production Energy Delek Drilling Limited Partnership (TASE: DEDR.L), which is controlled by Yitzhak Chuva, today it has sold its remaining 22% stake in the offshore Tamar gas field to Mubadala. Abu Dhabi Petroleum for $1.025 billion, and an estimated $75 million for all gas from Tamar from the beginning of 2021 until the rights transfer. “In the next two months, after a number of conditions pending with the completion of the agreement, the deal will be closed and Mubadala Petroleum will enter the Delek Drilling Shoe in the Tamar project,” Delek Drilling said. Delek Drilling also owns a 45.3% stake in the offshore Leviathan field and was forced to sell its stake in Tamar as part of the government’s framework agreement to make the Israeli gas industry more competitive. Other partners in the Tamar field are: Chevron (operator, 25%) (formerly Noble Energy), Isramco (28.75%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%). Revenues from the Tamar field in the first half of 2021 amounted to $558 million to sell 3.4 billion cubic meters of natural gas. Yossi Abu, CEO of Delek Drilling, said, “This deal represents a milestone in the alignment between Israel and the UAE following the Abraham Peace Agreement signed between the two countries in 2020. Upon completion, the deal will represent one of the largest transactions between an Israeli entity,” said Yossi Abu, CEO of Delek Drilling. and an Arab entity, showing how Israel’s natural gas resources can be a source of cooperation between countries. This is another pivotal building block of the wall of friendship and cooperation that Delek Drilling is building in the region. “Our focus at Delek Drilling is now on expanding the massive Leviathan reservoir and on creating new markets in the region and beyond for our natural gas produced.” The Tamar field was discovered in 2009 and is located offshore 90 west of Haifa, 5,000 meters below sea level, and in waters 1,700 meters deep. Production began in 2013, natural gas is extracted in Tamar through five production wells. The gas flows through two 140-kilometre pipelines to the primary and main processing facility on the Tamar platform where most of the gas processing takes place. The natural gas is then transported from the platform via a pipeline to the onshore terminal in Ashdod, and to the Israeli market via the INGL national gas pipeline with a percentage being exported to Jordan and Egypt. Related Articles Chufa sells Tamar’s stake to Abu Dhabi Corporation for $1 billion. Mubadala Petroleum is an oil and gas exploration and production company with assets in 10 countries in the Middle East, North Africa, Russia and Southeast Asia. Mubadala Petroleum was established in 2012 and is a wholly owned subsidiary of the Mubadala Investment Company, which is owned by the government of Abu Dhabi. Published by Globes, Israel business news – en.globes.co.il – September 2, 2021 Copyright Globes Publisher Itonut (1983) Ltd. 2021


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