Mubadala Petroleum will acquire the entire stake in Israel’s Tamar Field from Delek Drilling. On Thursday, Delek announced the signing of a Sale and Purchase Agreement (SPA) with UAE firm Mubadala Petroleum for the sale of its 22% non-operated stake in the Tamar gas field offshore Israel.
As consideration for the interest in the Tamar field, Mubadala Petroleum will pay Delek Drilling $1.025 billion, subject to certain adjustments.
The current partners in the Tamar project are Delek Drilling (22%), Chevron (operator, 25%), Isramco (28.75%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%). 2P reserves in the Tamar lease, after production of more than 69.3 BCM, is approx. 300 BCM of Natural Gas and 14 million barrels of condensate (Source: NSAI, January 2020). Under the Gas Framework, outlined by the Government of Israel, Delek Drilling is obliged to sell all of its holdings in Tamar by the end of 2021.