Delek Drilling Finalizes Tamar Gas Field Stake Deal with Mubadala

Posted on 09/03/2021

Delek Drilling LP finalized its deal to sell its 22% non-operating ownership take in the east Mediterranean Tamar gas field to Mubadala Petroleum for around US$ 1 billion. Mubadala Petroleum is a unit of Mubadala Investment Company. A preliminary agreement was reached in April 2021 but it required government approval. Delek Drilling is a unit of conglomerate Delek Group.

Delek Drilling holds a 22% stake in the Tamar gas field. The other partners in the Tamar field are Isramco, Inc. with a 28.75% stake, Tamar Petroleum with 16.75%, Alon Natural Gas Exploration with 4%, and Everest with 3.5%. Chevron Corporation gained its 25% stake in the gas field through the acquisition of Noble Energy.

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