Delek Drilling sells 22 percent stake in Tamar field to Mubadala Petroleum

Mubadala Petroleum said that they have closed the acquisition of 22 percent stake for US$1.025 billion from Delek Drilling LP.

"Today we closed the acquisition of Delek Drilling’s 22 per cent stake in the Tamar and Dalit leases, which include the world-class Tamar Gas Field offshore Israel," said Mubdala Petroleum on its Linkedin account.

The transaction strengthens their gas-biased portfolio in line with their energy transition goals, the Emirati company said. The transaction is seen as the biggest deal between Israel and the United Arab Emirates since they normalised relations in 2020.

The Tamar field has been in the production phase since 2013. It is located approximately 90km west of Haifa. Mubadala has previously signed a memorandum of understanding with Delek Drilling to acquire the offshore in Arpril 2021.