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  • Writer's pictureMiddle East Center for Reporting an Analysis

Delek Drilling in possible gas deal with Mubadala Petroleum for Tamar stake

A memorandum of understanding between Delek Drilling and Mubadala Petroleum was signed this week, a statement noted. The deal could see Delek sell its 22 percent of the Tamar gas field to the Abu Dhabi-based company for an estimated $1.1 billion. It would be "the biggest such deal since the two countries normalized ties last year," according to reports.

Delek is owned by Yitzhak Tshuva. "The Tamar field, which went online in 2013, is believed to hold more than 300 billion cubic meters of gas. Chevron and the Israeli-American company Isramco each own around a third of Tamar, with the remainder held by smaller firms," notes AP.

TOI noted that "the deal for the 22 percent stake is worth $1 billion, with an additional $100 million conditioned on certain terms and goals being met, according to a notification about the agreement sent by Delek Drilling to the Tel Aviv Stock Exchange and the Israel Securities Authority. The companies said they aim to finalize the deal by May 31."

More details are also online. "In a statement April 26, Delek said it would work with Mubadala to finalize a definitive agreement "expeditiously" by May 31. It said it would not enter into any agreement with any other party for the sale of the 22% Tamar stake until that date. If finalized, the transaction with Mubadala would be the largest commercial agreement following the normalization treaty between the UAE and Israel signed in August 2020," noted S and P.

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