SOCAR acquires 10% stake in Israel’s Tamar gas field

Azerbaijan’s state-owned oil and gas company, SOCAR, has secured a 10% stake in Israel’s Tamar gas field in a deal valued at approximately $1 billion, following approval from Israel’s Energy and Infrastructure Ministry.

The ministry authorised the transaction after evaluating it through the lens of foreign investment protocols and Israel's Competition Authority. The Israel Competition Authority granted final approval for the deal on May 14, Caliber.Az reports via foreign media. 

The stake was acquired from Israeli billionaire Aaron Gober Frenkel, who has owned a share in the Tamar field since 2021.

Discovered in 2009, the Tamar gas field is one of Israel’s most significant energy assets, with an estimated 389 billion cubic meters of natural gas reserves, according to an independent appraisal by NSAI. The field has been operational since 2013 and currently produces around 10 billion cubic meters of gas annually from six subsea wells.

Under the existing development agreement, which is valid until 2038 and extendable until 2047, the Tamar project is set for further expansion. SOCAR announced that new wells will be drilled over the next three years to boost production capacity to approximately 15 billion cubic meters per year.

By Sabina Mammadli