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Israel's Delek completed the sale of its 22% stake in Tamar field to the UAE's Mubadala

The transaction is seen as the biggest deal between Israel and the United Arab Emirates since they normalised relations in 2020

Israel's Delek completed the sale of its 22% stake in Tamar field to the UAE's Mubadala

Jerusalem, December 10 - Neftegaz.RU.Delek Drilling announced on December 9, that the company has completed the sale of its 22% stake in the Tamar field to Mubadala Petroleum for $1.1 billion.

Located approximately 90 km west of Haifa, the field was discovered in 2009 and entered the production phase in 2013.
The Tamar gas field is one of Israel’s primary energy sources and is able to produce 11 billion m3 of gas each year.

Other project shareholders include operator Chevron, which has a 25% stake, Isramco, which has 28.75%, Tamar Petroleum with 16.75%, Dor with 4% and Everest with 3.5%.

Delek Drilling and Mubadala signed a binding agreement in September on the sale, which will see Delek collect $1.025 billion + an extra $75 million for gas flow from the reservoir since the start of this year.
Delek also said it would pay off its bonds related to the project and return $100 million to shareholders.

Delek CEO Yossi Abu hailed the deal as the largest commercial agreement to be signed between the UAE and Israel since the signing of the Abraham Accords in September last year, which formally normalised relations between the 2 countries.
He added that the sale would deliver «considerable value» for the company's shareholders.

Tamar has produced more than 69 Bcm of gas since it started up in 2013, and has remaining 2P reserves of some 300 Bcm

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