BAKU, Azerbaijan, January 31. Azerbaijan’s state oil company SOCAR has signed an agreement with Union Energy to acquire a 10% effective ownership stake in Israel’s Tamar gas field, Trend reports via SOCAR.
"In line with its development strategy, SOCAR continues its efforts to expand its production base beyond Azerbaijan. In this context, on January 31, 2025, the company signed an agreement with Union Energy to acquire a 10% stake in the Tamar project, one of the largest and most significant gas fields in Israel's Mediterranean basin," the company stated.
SOCAR noted that the agreement will come into effect upon fulfillment of certain conditions, including obtaining the necessary regulatory and other approvals.
"SOCAR is launching investment projects in the upstream sector within the Mediterranean basin. The company will continue its efforts to acquire stakes in strategic assets abroad," the company said.
Tamar gas field was discovered in January 2009. At the end of March 2013, natural gas started to flow from the Tamar Reservoir.
It is located some 90 km west of Haifa, at an overall depth of about 5,000 meters below sea level, and in waters that are about 1,700 meters deep. The field covers an area of 100 square kilometers, with the thickness of the reservoir layers reaching up to 300 meters. The natural gas in Tamar is extracted through six production wells, built in such a way as to enable the production of 1.1 billion cubic feet (BCF) of natural gas per day.
The estimated reserves of natural gas in the reservoir are around 389 billion cubic meters.