SOCAR acquires stake in strategically significant Israeli offshore gas field

The State Oil Company of Azerbaijan (SOCAR) has signed a deal with Union Energy for the acquisition of 10% effective ownership for the explorations in the Tamar offshore gas field, one of the largest ones in the Mediterranean Sea.

SOCAR signed the agreement with Union Energy on January 31, 2025, Caliber.Az reports citing APA agency. 

The Tamar offshore gas field is located in the Levantine basin of the Eastern Mediterranean Sea and falls under the Matan Block licence 309 in Israel. The field has six subsea wells, each carrying a production capacity of 250 million standard cubic feet per day (mmscfd). Tamar falls into Israel's exclusive maritime economic zone, approx. 120 kilometres West from the coastal city of Haifa. The field is of high strategic value for the region as it supplies 70% of Israel's energy consumption needs for electricity generation. 

Partners invested in the field are made up of Isramco (28.75%), Chevron Mediterranean Limited (25%), Tamar Petroleum (16.75%) Mubadala Energy (11%), Tamar Investment 2 (11%), Dor Gas (4%), and Union Energy & Systems 2 (3.5%).

According to APA, this is SOCAR's first major investment in the Mediterranean Sea. The oil firm's vision moving forward it so continue seeking strategic assets around the world to expand its energy portfolio.

By Nazrin Sadigova