skip to Main Content
Israel’s Delek Signs Non-binding Memorandum Of Understanding With Mubadala Petroleum Of UAE

Israel’s Delek signs non-binding memorandum of understanding with Mubadala Petroleum of UAE

Ashdod, Israel (PortSEurope) April 28, 2021 – Israel’s Delek Drilling has signed non-binding memorandum of understanding (MOU) to sell its 22% non-operated stake in the Tamar gas field offshore Israel to Abu Dhabi’s Mubadala Petroleum for up to $1.1 billion. Delek CEO Yossi Abu said the sale has “the potential to be another major development in our ongoing vision for natural gas commercial strategic alignment
in the Middle East, whereby natural gas becomes a source of collaboration in the region. “We are proud to have signed this MOU following the Abraham Accords Peace Agreement between Israel and the UAE,” Abu said, adding that he “would like to thank my counterparty at Mubadala Petroleum and our clients in Israel, Egypt, and Jordan.” The Tamar field is located roughly 90 km west of Haifa, at an overall depth of about 5,000 meters below sea level, and in waters that are 1,700 meters deep. The Tamar platform is located approx. 25 km offshore Ashdod. Currently, gas from the Tamar field is piped to the Israeli port of Ashdod and is mostly supplies the Israeli market, but there are also exports to Jordan and Egypt. U.S. energy company Chevron became the operator of Tamar when it finalized the purchase of Noble Energy in the autumn of 2020 and thus acquired Noble’s 25% interest in the field. Other stakeholders in the Tamar field include Houston-based independent Isramco, 28.75%; Tamar Petroleum in which Delek has an interest, 9.25%; Israel’s Dor Gas, 4%; and Houston-based Everest, 3.5%, according to Delek. Mubadala Petroleum is a leading international, upstream oil and gas exploration and production company, managing assets and operations spanning 10 countries globally. It is a wholly-owned subsidiary of Mubadala Investment Company (Mubadala), which is owned by the Government of Abu Dhabi. Delek Group is an Israeli conglomerate and one of the country’s largest companies, Delek Group is involved in the energy and infrastructure, with investments in upstream and downstream energy, water desalination and power plants. Copyright (C) PortSEurope. All Rights Reserved. 2021.

To continue reading please subscribe or log in.

PortSEurope offers an English-language daily coverage from over 200 ports in the Mediterranean, Black and Caspian Seas as well as a fully indexed and easily searchable database with more than 15,000 articles.

Subscribe now
Back To Top