SOCAR establishes subsidiary to participate in Tamar gas project off coast of Israel

BAKU. April 8 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) has established a subsidiary, SOCAR Tamar LLC, according to materials from the State Tax Service.

The new company was registered on March 10, 2025, with a charter capital of 10,000 manat ($5,900), the State Tax Service said.

The company was created to participate in the development of the Tamar field, located off the coast of Israel. The company's legal representative is Agamamed Sultanov.

As reported, on January 31, 2025, SOCAR signed a deal with Union Energy to acquire a 10% stake in the Tamar project, one of the largest offshore gas fields in the Mediterranean.

Tamar is a gas field discovered in January 2009. It has six subsea wells, each with a production capacity of 250 million standard cubic feet per day. The field produced its first gas in April 2013 and reached full production capacity by the end of July 2013.

According to an independent reserves assessment conducted by NSAI, the estimated natural gas reserves at the field total approximately 13.73 trillion cubic feet (389 billion cubic meters).

According to publicly available data as of March 2024, the project's ownership structure was as follows: Chevron Corp. (U.S.) - 25% (operator), Isramco (Israel) - 28.75%, Mubadala Energy (UAE) - 11%, Union Energy - 11%, Tamar Petroleum (Israel) - 16.75%, Dor Gas (Israel) - 4%, Everest (Israel) - 3.5%.