Chevron advances Tamar gas project with phase two expansion - report
In a recent development, Chevron announced on Sunday the second phase of the Tamar natural gas project in Israel, involving the natural gas reservoir located off the coast of Haifa
Chevron has officially announced the Final Investment Decision (FID) for the eagerly anticipated second phase expansion of the Tamar natural gas project in Israel. This significant move, disclosed on Sunday in Herzliya, involves Chevron Mediterranean Limited (CML) alongside a consortium of partners managing the Tamar natural gas reservoir located roughly 90 km off the coast of Haifa.
The stakeholders involved
The consortium includes notable stakeholders such as Chevron Mediterranean Limited with a 25% share, Isramco at 28.75%, Tamar Petroleum holding 16.75%, Mubadala Energy with 11%, Tamar Investment 2 also at 11%, Dor Gas owning 4%, and Everest with a 3.5% stake.
This ambitious Phase Two of the Tamar Optimization Project is aimed at boosting the project's production capabilities by reinstating the existing compressors at the Ashdod Onshore Terminal. This upgrade is expected to ramp up the gas production capacity to up to 1.6 billion cubic feet per day. This phase is an extension of the groundwork laid by Phase One, which saw the construction of a third 150 km pipeline connecting the Tamar field directly to its platform.
Optimism about the developing project
Jeff Ewing, Managing Director of Chevron's Eastern Mediterranean Business Unit, expressed his enthusiasm about reaching this milestone, stating, "Reaching FID for Phase Two of Tamar's expansion reflects Chevron's ongoing commitment to partnering with the State of Israel to continue development of its energy resources for the benefit of domestic and regional natural gas markets." This statement underscores the strategic importance of the Tamar project in strengthening the energy infrastructure in the region and Chevron's role in facilitating this growth.
The completion of both phases of the Tamar expansion project is slated for 2025, setting the stage for an enhanced supply of natural gas to meet the growing energy needs of local and regional markets.
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