Israel's Delek Drilling sold its remaining 22% stake in the East Mediterranean Tamar gas field to Abu Dhabi's Mubadala Petroleum for over $1 billion, the Israeli company announced on Thursday.
The Tamar field, which was discovered in 2009 and began to produce gas in 2013, is one of Israel's primary energy sources, along with the Leviathan gas field also located close by off the coast of Israel.
Delek Drilling was obligated to sell its shares in the gas field under the Gas Framework, which was outlined in 2015 by the Israeli government, to attract additional operators and investors, and boost competition in the gas sector.
Other partners in the Tamar project are operator Chevron with a 25% share, Isramco with a 28.7% stake, Tamar Petroleum with a 16.7% interest, Dor Gas with a 4% share, and Everest with a 3.5% stake.
Delek Drilling also holds a 45.3% stake in the Leviathan gas field, one of the largest natural gas fields in the world.
The Leviathan reservoir includes reserves and resources totaling approximately 649 billion cubic meters of natural gas and close to 41 million barrels of condensate.
Reporting By Esat Firat in Jerusalem
Writing by Zeynep Beyza Kilic