Sale and Purchase Agreement Signed for the Sale of Delek Drilling’s Stake in the Tamar Gas Field Offshore Israel

TEL AVIVSept. 2, 2021 /PRNewswire/ — Delek Drilling of Israel has announced the signing of a Sale and Purchase Agreement (“SPA”) with Mubadala Petroleum of Abu Dhabi, UAE for the sale of Delek Drilling’s 22% non-operated stake in the Tamar gas field offshore Israel. As consideration for the interest in the Tamar field, Mubadala Petroleum will pay Delek Drilling US$1.025 billion, subject to certain adjustments.

The current partners in the Tamar project are Delek Drilling (22%), Chevron (operator, 25%), Isramco (28.75%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%). 2P reserves in the Tamar lease, after production of more than 69.3 BCM, is approx. 300 BCM of Natural Gas and 14 million barrels of condensate (Source: NSAI, January 2020).  Under the Gas Framework, outlined by the Government of Israel, Delek Drilling is obliged to sell all of its holdings in Tamar by the end of 2021.

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