Tamar Petroleum

What Tamar Petroleum does

Tamar Petroleum is a publicly traded Israeli yield company that holds 16.75% of the rights in the Tamar and Dalit offshore natural gas leases, providing direct investor exposure to the cash flows of one of the largest dry gas reservoirs in the Eastern Mediterranean. The company was formed in July 2017 through a $980 million bond and equity raise that funded the acquisition of an initial 9.25% stake from Delek Drilling LP, and expanded its position to 16.75% in March 2018 by purchasing an additional 7.5% from Noble Energy for $560 million via Series B bonds. Its securities trade on the Tel Aviv Stock Exchange under the symbol TMRP, with Series A and Series B bonds rated A1.il by Midroog Ltd., and the company distributes semi-annual dividends to investors from cash flows after debt service.

The Tamar field is located approximately 90 km west of Haifa at a total depth of around 5,000 meters and a water depth of 1,700 meters. The reservoir is estimated to contain approximately 13.73 trillion cubic feet (~389 BCM) of natural gas reserves per an independent NSAI assessment as of December 2025, and is characterized as a dry gas reservoir of approximately 99% methane with high porosity, high permeability, and strong inter-section connectivity. Six purpose-built production wells with built-in redundancy support a total field production capacity of up to 1.6 BCF per day, and the field has operated at approximately 99% availability since first gas in March 2013. Total Tamar project investment stands at approximately $5.33 billion.

Tamar Petroleum's share of production is sold under long-term supply contracts to Israel Electric Corporation Ltd., private electricity producers, industrial customers, and natural gas marketing companies in Israel, and exported under a 15-year agreement to Arab Potash Company and Jordan Bromine Company in Jordan, with additional exports to Egypt. Condensate produced from the field is sold to Paz Ashdod Refinery Ltd. The company is pursuing further expansion of the Tamar production system and is governed by a board chaired by former Israeli Minister of Finance Rony Bar-On. With a corporate team of 1-10 employees, the company functions primarily as a focused, transparent vehicle for passing Tamar reservoir cash flows through to public investors rather than an operating energy enterprise in the conventional sense.

Name

Tamar Petroleum

Legal name

תמר פטרוליום – שותפות מוגבלת

Website

https://tamarpetroleum.co.il

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Tamar Petroleum is a publicly traded Israeli yield company holding 16.75% of the offshore Tamar and Dalit natural gas leases, distributing semi-annual dividends to investors from gas and condensate sales to Israel Electric Corporation, Jordanian industrial buyers, and Paz Ashdod Refinery.

Ownership category

akta.pro rank

Product category

Upstream natural gas production

NAICS

Natural Gas Extraction (211130), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

Keywords

• Natural gas production
• Offshore gas extraction
• Condensate sales
• Hydrocarbon exploration rights
• Energy export supply

Headquarters

HQ city

Herzliya

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Others

Revenue model

1. Natural Gas Sales (Domestic): Sale of natural gas produced from the Tamar reservoir to Israeli customers including Israel Electric Corporation Ltd., private power producers, industrial customers, and natural gas marketing companies.
2. Natural Gas Export: Sale of natural gas to Jordan and Egypt through long-term export agreements. The Jordan agreement with Arab Potash Company and Jordan Bromine Company is a 15-year contract for millions of dollars.
3. Condensate Sales: Sale of condensate produced from the Tamar project to Paz Ashdod Refinery Ltd.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Tamar Petroleum holds a 16.75% interest in the Tamar and Dalit offshore leases and sells natural gas produced from the Tamar reservoir to domestic customers (Israel Electric Corporation, private power producers, industrial customers and gas marketing companies), exports gas to Jordan and Egypt, and sells condensate to Paz Ashdod Refinery. The company functions as a yield vehicle, distributing semi-annual dividends to investors from its share of the reservoir's cash flows.

Product overview

Tamar Petroleum is an income-producing company that holds 16.75% of the rights in the Tamar and Dalit leases. The company's core business is the production and sale of natural gas from the Tamar offshore reservoir, which commenced production in March 2013. The company sells natural gas primarily to Israel Electric Corporation, private power producers, industrial customers, and natural gas marketing companies in Israel, as well as exporting to Jordan and Egypt. The company also sells condensate produced from the Tamar project. Tamar Petroleum was established in July 2017 and is listed on the Tel Aviv Stock Exchange under the symbol TMRP.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural gas from the Tamar Reservoir Natural gas produced and sold from the Tamar offshore gas field, located 90 km west of Haifa at approximately 5,000 m total depth and 1,700 m water depth, with capacity to produce up to 1.6 BCF per day (~15.5 BCM per year) of ~99% methane dry gas. Tamar Petroleum holds 16.75% of the rights in the Tamar and Dalit leases and sells its share of production to Israel Electric Corporation, private power producers, industrial customers and natural gas marketing companies in Israel, and exports to Jordan (Arab Potash Company and Jordan Bromine Company under a 15-year agreement) and Egypt.
• Condensate from the Tamar project Liquid condensate co-produced with natural gas from the Tamar project, sold primarily to Paz Ashdod Refinery Ltd. as refinery feedstock. Tamar Petroleum earns its share of condensate revenues from its 16.75% interest in the Tamar and Dalit leases.

Quantifiable outcome

• Production capacity of up to 1.6 BCF per day (~15.5 BCM per year)
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators7 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Isramco: Israel-based oil and gas exploration and production company with both domestic and U.S. onshore assets. It is comparable to Tamar as a small-cap Israeli upstream operator, though more diversified geographically.
• Ratio Oil Exploration: Israeli oil and gas exploration company that holds interests in the Leviathan reservoir, Israel's largest gas field. Comparable as an Israeli publicly-traded vehicle with concentrated exposure to offshore gas assets.
• New Med Energy: Israel-focused natural gas exploration company with interests in offshore Israeli licenses (Aphrodite/Ariel). It shares Tamar's profile as an Israeli upstream gas player with both domestic and export market exposure.
• Opportunity Oil & Gas: Israeli natural gas exploration company that holds interests in the Meged and other onshore Israeli reservoirs. It is a comparable small-scale Israeli gas E&P focused on the same domestic market Tamar supplies.
• Energean: UK-listed E&P company that operates the Karish and Tanin gas fields offshore Israel. It is the most direct competitor to Tamar in the Israeli natural gas market, producing dry gas for domestic Israeli and export customers with a similar B2B offtake model.
• Delek Energy: Israeli energy group that held the original 9.25% Tamar stake sold to Tamar Petroleum and remains a partner in the Tamar and Leviathan reservoirs. Operates as both an E&P company and energy infrastructure investor in Israel.

Broad incumbents

• Chevron: Global supermajor that acquired Noble Energy, a former Tamar partner. It now holds the largest single interest in the Tamar and Leviathan reservoirs through its Eastern Mediterranean portfolio. Comparable as a Tamar lease partner but with vastly broader global E&P exposure.
• BP: Global supermajor with active exploration and LNG trading operations across the Eastern Mediterranean and Middle East. Comparable as a large-scale player exposed to the same regional gas export markets Tamar serves.
• Eni: Italian major with significant Eastern Mediterranean footprint including Cyprus offshore developments and Egyptian gas operations. Comparable as a regional natural gas producer and Tamar's export market counterparty in Egypt.

Regional players

• Naftogaz Group: Ukrainian state-owned oil and gas company engaged in upstream gas production, transit, and storage. Comparable as a regional gas company with national strategic importance and long-term gas supply contracts, though operating in a different geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tamar Petroleum