The UAE is investing in Israeli gas in the disputed area with Lebanon
The Israeli Delek Drilling company said on Monday that it had signed a non-binding memorandum of understanding with the Mubadala Petroleum company in Abu Dhabi, to sell its stake in the “Tamar” field in the eastern Mediterranean for $ 1.1 billion.
The Tamar field is a natural gas field in the Mediterranean that was discovered in 2009.
The field is located 50 miles west of Haifa at a depth of 1,700 meters below sea level. Lebanon says that the field (located in the Levantine Basin) extends to Lebanese waters.
The “Delek Drilling” company indicated that in exchange for the acquisition of its stake in the “Tamar” field, the buyer must pay an amount of $ 1.1 billion consisting of an unconditional payment of $ 1 billion, and an emergency payment of up to $ 100 million, to be paid according to certain conditions and goals agreed upon by the parties in the final deal.
Delek Drilling owns a 22% stake in the “Tamar” field operated by Chevron, which has a production capacity of between 7.1 and 8.5 million cubic meters of gas per day.
According to Delek Drilling, it intends to complete the deal by the end of next May.
This deal, if completed, will be among the largest since the UAE and Israel signed an agreement to normalize relations between them last year.
