UAE - Mubasher: Delek Drilling of Israel has signed a non-binding Memorandum of Understanding (MoU) with Abu Dhabi-based Mubadala Petroleum to sell its 22% non-operated stake in the offshore Tamar gas field.
If completed, the transaction will be the largest commercial agreement following The Abraham Accords Peace Agreement between the UAE and Israel, signed in August 2020, according to a press release on Monday.
The other partners in the Tamar project are Chevron with a 25% stake, Isramco with 28.75%, Tamar Petroleum with 16.75%, Dor Gas with 4%, and Everest with 3.5%.
Under the Gas Framework, set by the Government of Israel, Delek Drilling has to sell all of its holdings in Tamar by the end of 2021.
Discovered in 2009, the Tamar field is located 90 km west of Haifa, offshore Israel, at an overall depth of c. 5,000 metres below sea level.
The field's production began in 2013, where the natural gas is extracted through five production wells.
The CEO of Delek Drilling, Yossi Abu, said: "The development is not only a significant endorsement of the quality of the Tamar reservoir and the Levant basin but also a major support for the East Mediterranean Natural Gas sector."
