Much was made of the MoU signed in late April for Abu Dhabi state firm Mubadala to pay Israel’s Delek Drilling $1.1bn for its 22% stake in the 10.5tcf Tamar field (MEES, 30 April). However, once that MoU had passed its deadline, questions were raised whether Mubadala had changed its mind.

Any doubts have now been swept away, with the two companies on 2 September signing a “binding, conditional agreement,” albeit for $1.025bn, some $75mn (7%) less than the price in the April MoU. (CONTINUED - 874 WORDS)