SOCAR Acquires 10% Stake in Israel's Tamar Gas Field

In a significant move that underscores the strengthening ties between Israel and Azerbaijan, the State Oil Company of the Azerbaijani Republic (SOCAR) has agreed to acquire a 10% stake in Israel's offshore Tamar gas field from Israeli businessman Aaron Frenkel. This acquisition not only marks SOCAR's inaugural investment in the Mediterranean region but also highlights the deepening economic and diplomatic relations between the two nations.

The Tamar gas field, situated approximately 90 kilometers west of Haifa in the Mediterranean Sea, was discovered in 2009 and commenced production in 2013. With an annual production capacity exceeding 10 billion cubic meters, Tamar plays a pivotal role in meeting Israel's domestic energy needs and bolstering its position as a regional energy exporter. The field's proven reserves are estimated at around 300 billion cubic meters, with recoverable reserves of approximately 238 billion cubic meters.

Aaron Frenkel, who previously held a 20% stake in Tamar, has been instrumental in facilitating international investments in Israel's energy sector. His strategic partnerships, including transactions with entities such as Mubadala Petroleum of Abu Dhabi, have paved the way for increased foreign participation in Israel's natural gas ventures.

SOCAR's entry into the Tamar project is anticipated to enhance energy cooperation between Israel and Azerbaijan. This partnership not only promises mutual economic benefits but also serves as a testament to the collaborative spirit driving both nations toward shared prosperity.

Israel's energy sector continues to attract global interest, reflecting the country's commitment to fostering international partnerships and advancing its economic development. The collaboration with SOCAR exemplifies Israel's proactive approach to engaging with global energy leaders, ensuring a sustainable and prosperous future for its citizens.

Israel remains dedicated to strengthening its international alliances and promoting the values of innovation and cooperation. Readers are encouraged to share this article and subscribe to our newsletter to stay informed about Israel's ongoing initiatives and achievements.