The State Oil Company of the Azerbaijani Republic (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity state stake in Tamar, one of the biggest gas fields in the Mediterranean Sea, SOCAR said in a statement.
“SOCAR signed an agreement with Union Energy to acquire a 10% stake in the Tamar project on January 31, 2025,” it said.
Located off the coast of Israel, the Tamar field is a key supplier of natural gas to the region, playing an important role in energy security and economic growth, the company said.
“This acquisition marks SOCAR’s first major investment in exploration and production projects in the Mediterranean,” the statement said.
The company will continue to seek strategic assets around the world to expand its energy portfolio.
The operator of the Tamar project is Chevron.
Tamar is a gas field discovered in January 2009. The field has six subsea wells, each producing 250 million standard cubic feet per day. The field produced its first gas in April 2013. It reached full production capacity by the end of July 2013.
According to an independent reserves assessment by NSAI, the field has estimated natural gas reserves of approximately 13.73 trillion cubic feet (389 billion cubic meters).
According to open-source data as of March 2024, shareholders are: Chevron Corp. (USA) – 25%, Isramco (Israel) – 28.75%, Mubadala Energy (UAE) – 11%, Union Energy – 11%, Tamar Petroleum (Israel) – 16.75%, Dor Gas (Israel) – 4% and Everest (Israel) – 3.5%.