Mubadala Petroleum has spent $1.03 billion to buy a stake in the Tamar gas field off the coast of Israel, said local reports on Saturday, September 4.
The reports said Israel-based Delek Drilling signed a sale and purchase agreement with the Abu Dhabi-based Mubadala for its 22 percent non-operated stake in the field.
The current partners in the Tamar project are Delek Drilling (22 percent), Chevron (operator, 25 percent), Isramco (28.75 percent), Tamar Petroleum (16.75 percent), Dor Gas (4 percent) and Everest (3.5 percent).
Proven and probable reserves in the Tamar lease, after production of more than 69.3 BCM, is said to be approximately 300 BCM of natural gas and 14 million barrels of condensate.
Under the gas framework, outlined by the Israel, Delek Drilling is obliged to sell all of its holdings in Tamar by the end of 2021.
The Tamar field was discovered in 2009 and is located 90 km west of Haifa, off the coast of Israel.
It is said to be at an overall depth of 5,000 meters below sea level, and in waters that are 1,700 meters deep.
Production began in 2013, where the natural gas in Tamar was extracted through five production wells.
The gas flows through two 140km pipelines to the primary and main processing facility on the Tamar Platform where most of the gas processing takes place.
The natural gas is then transmitted from the platform through a pipeline to the onshore terminal in Ashdod, and into the Israeli market through the INGL national gas pipeline with a proportion being exported on to Jordan and Egypt.