Abu Dhabi's Mubadala Petroleum finalised a deal with Israel’s Delek Drilling to buy a 22 per cent stake in the Eastern Mediterranean's offshore Tamar field, the company said on Thursday.
“We can confirm the signing of a sale and purchase agreement with Delek Drilling for a 22 per cent stake in the Tamar gasfield for a value of $1.025 billion,” Mubadala Petroleum said.
“When finalised, the transaction will complement Mubadala Petroleum’s gas-biased portfolio strategy in line with its energy transition goals.”
In April, Mubadala Petroleum, a unit of Abu Dhabi’s strategic investment firm Mubadala Investment Company, signed a preliminary non-binding agreement with Delek Drilling for the non-operated stake in the Tamar field.
Other partners in the Tamar concession include Noble Energy, which has a 25 per cent stake, Isramco with 28.75 per cent, Tamar Petroleum, which holds a 16.75 per cent, Dor Gas and Everest with 4 per cent and 3.5 per cent interests, respectively.
“A huge deal with a company from the United Arab Emirates, alongside exporting gas to Eygpt and Jordan, are actions on the ground and exactly how to build a new Middle East,” Yossi Abu, chief executive of Delek Drilling, was quoted by Reuters as saying on Thursday.
Israel has seen a rush in gas developments following exploration work in the Tamar and Leviathan gasfields in the Eastern Mediterranean.
Israel has become an exporter of gas, supplying neighbouring Jordan, which imports more than 90 per cent of its energy needs.
We can confirm the signing of a sale and purchase agreement with Delek Drilling for a 22 per cent stake in the Tamar gas field for a value of $1.025 billion
Mubadala Petroleum
Export of gas from the Tamar field was the first to be approved by the Israeli government. Last year, Tel Aviv began exports to Amman under a $10bn agreement to supply gas for 15 years.
There has been growing interest from the Gulf in the potential of the Eastern Mediterranean for further gas yields.
Mubadala Petroleum already operates in the Eastern Mediterranean within the Zohr gasfield through the Shorouk Concession, in which it has a 10 per cent stake.
The Tamar field, which lies to the west of the Israeli city of Haifa, was discovered by Noble Energy in 2009. The field, which is estimated to have 200 billion cubic metres of gas, is the largest find of its kind in the Eastern Mediterranean's Levant basin.
England squads for Test and T20 series against New Zealand
Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes
T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
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