Photo Credit: Moshe Shai / Flash 90
An aerial view of the Israeli 'Tamar' gas processing rig 24 kilometers off Israel's southern coast of Ashkelon. June 23, 2014

Israel’s Ministry of Energy has announced that the transfer of the rights in the holdings of “Tamar” and “Dalit” natural gas fields from Delek Drilling to two subsidiaries of “Mubadella Petroleum” from Abu Dhabi in the United Arab Emirates has been approved.

The transfer of the rights was completed after the required conditions for the transaction were completed and it was approved by the Commissioner of Petroleum Affairs and recorded in the Petroleum Register under the Petroleum Act.

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Mubadella Petroleum is part of Abu Dhabi’s national investment company, which manages assets worth about $230 billion.

To date, Delek Drilling has held 22% of the Tamar and Dalit holdings, with the approved request to transfer 11% of the two holdings together to each of the two companies. The request for the transfer of rights also includes a request for approval of an option for a continuation transaction, which includes a transfer of 100% of the shares of one of the companies.

The Ministry of Energy explains that the entry of “Mubadella Petroleum” into the natural gas economy will contribute to strong activity and will be an opening for cooperation with companies that in the past avoided operating in Israel for geopolitical reasons. According to the company’s representatives, it also intends to open a local branch in Israel and expand its activities in the field of energy, including in the field of renewable energy as well as in other fields of industry and innovation.

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