Delek Drilling Sells Tamar Stake for $1.025 Billion to Abu Dhabi Agency

(from proper to left) Delek drilling CEO Yossi Abu and Dr. Bakheet Al Katheeri, Government Director – UAE Industries, Mubadala Funding Firm and Mansoor Mohamed Al Hamed, CEO, Mubadala Petroleum. Picture credit score: Refi Daloya.

Israel’s Delek Drilling has bought its 22% non-operated stake within the Tamar offshore fuel subject to Mubadala Petroleum of Abu Dhabi, UAE. Mubadala Petroleum can pay Delek Drilling $1.025 billion for the sphere, topic to sure changes.

The advantages from final yr’s Abraham Peace Accords signed between Israel with each the United Arab Emirates and Bahrain simply maintain coming and coming. Only one instance got here in July when Dubai primarily based SJM Group and INMED, an Israeli medtech startup which gives an end-to-end digital well being platform, teamed as much as create a digital well being platform for distant affected person administration in Dubai.

Then there may be the brand new oil pipeline being constructed from Eilat to The Mediterranean which is able to switch oil from the Gulf States.

Delek Tamar

Tamar Rig

Again in April, JBN reported on how Delek Drilling, which is managed by Yitzhak Tshuva’s Delek Group Ltd, was seeking to unload the sphere. The corporate is required to promote out its share by the tip of 2021 as a part of an settlement made with Israeli authorities because the firm additionally holds a forty five.34% stake within the Leviathan fuel subject. The Tamar Gasoline Subject is a pure fuel pocket positioned within the Mediterranean and is considered one of Israel’s pure fuel fields in that sea. It’s located simply east of the Leviathan fuel subject.

Found in 2009, the sphere is positioned in Israel’s unique financial zone, roughly 80 kilometres (50 mi) west of Haifa in waters 1,700 metres (5,600 ft) deep. The fuel flows by two c.140 km pipelines to the first and principal processing facility on the Tamar Platform the place many of the fuel processing takes place. The pure fuel is then transmitted from the platform by a pipeline to the onshore terminal in Ashdod, and into the Israeli market by the INGL nationwide fuel pipeline with a proportion being exported on to Jordan and Egypt.

Mubadala Petroleum is a number one worldwide, upstream oil and fuel exploration and manufacturing firm with a major geographic concentrate on the Center East and North Africa, Russia and Southeast Asia, with property in 10 nations. Mubadala Petroleum was established in 2012 and is a wholly-owned subsidiary of Mubadala Funding Firm, which is owned by the Authorities of Abu Dhabi. When finalized, the transaction will complement Mubadala Petroleum’s gas-biased portfolio technique in step with its vitality transition objectives.

Delek Tamar Field

Tamar Subject Map

Yossi Abu, CEO of Delek Drilling mentioned, ‏”This transaction marks a milestone within the alignment between Israel and the UAE following the Abraham Accords Peace Settlement signed between the 2 nations in 2020. ‏On completion, the deal will characterize one of many largest transactions between an Israeli entity and an Arab entity, which reveals how Israel’s Pure Gasoline sources could be a supply of collaboration between nations. That is yet one more pivotal brick to the wall of friendship and collaboration Delek Drilling has been constructing within the area.”

Delek Drilling Sells Tamar Stake for $1.025 Billion to Abu Dhabi Firm