Who Owns Israeli Natural Gas?
The ownership map of Leviathan, Tamar, Karish, and Israel's next offshore exploration zone. Chevron operates the two largest fields. Energean owns Karish. SOCAR and Mubadala give Azerbaijan and Abu Dhabi direct exposure to Tamar. The source-of-record page.
Israeli natural gas is produced from three offshore fields — Leviathan, Tamar, and Karish — owned by consortia of American, Israeli, Azerbaijani, Emirati, British, and Greek capital. Chevron operates Leviathan and Tamar. Energean operates Karish 100%. The State of Israel owns the resource regime, not the field equity, and takes its share through royalties, taxes, and a sovereign wealth fund.
Originally published June 2026. Updated June 2026.
The Quick Answer
| Field | Operator | Largest Holder | Reserves |
|---|---|---|---|
| Leviathan | Chevron (39.66%) | NewMed Energy (45.34%) | ~600 bcm / 22 tcf |
| Tamar | Chevron (25%) | Isramco (28.75%) | ~389 bcm / 13.73 tcf |
| Karish | Energean (100%) | Energean (100%) | 437 mmboe (2P combined) |
| Cluster I (exploration) | SOCAR (lead) | SOCAR + BP + NewMed (~⅓ each) | Exploration |
Frequently Asked Questions
Who owns Leviathan?
Chevron Mediterranean Limited operates Leviathan with 39.66%. NewMed Energy holds 45.34% (controlled by Yitzhak Tshuva's Delek Group). Ratio Energies holds 15%. Reserves: approximately 600 bcm (22 tcf). Phase 1B expansion FID January 2026 at $2.36 billion; first gas H2 2029.
Who owns Tamar?
Chevron Mediterranean Limited operates Tamar with 25%. Isramco holds 28.75%. Tamar Petroleum holds 16.75% (SOCAR holds 17.9% of that vehicle). Union Energy holds 11% (SOCAR holds 48.3% of that vehicle). Mubadala Energy holds 11%. Dor Gas holds 4%. Everest holds 3.5%.
Does Azerbaijan own part of Israeli gas?
Yes. SOCAR — the State Oil Company of Azerbaijan — holds an effective 10% net interest in Tamar, acquired in June 2025 through a transaction package valued at approximately $1.25 billion. SOCAR also leads the Cluster I exploration consortium.
Does the UAE own part of Israeli gas?
Yes. Mubadala Energy — Abu Dhabi's state investment arm — holds 11% of Tamar, acquired in 2021 from Delek Drilling for approximately $1 billion. It is the deepest UAE position in Israeli gas and one of the most concrete commercial outcomes of the 2020 Abraham Accords.
Who operates Karish?
Energean PLC operates Karish and holds 100% of the working interest. The London-listed, Greek-founded independent (LON: ENOG) supplies Israeli domestic power and industrial users only — Karish does not export. The Katlan tie-back at $1.2 billion FID in July 2024 adds first gas in H1 2027.
Does the Israeli state own the gas?
No. The State of Israel does not hold a direct working interest in any producing gas field. It owns the resource regime — the regulatory and fiscal framework — and takes its share through royalties and taxes. 2025 state revenue from gas royalties hit a record NIS 2.37 billion. Approximately half of the $35 billion Egypt export contract — roughly $18 billion over its life through 2040 — flows to the Israeli treasury. A sovereign wealth fund, the Israeli Citizens' Fund, receives a designated portion of gas tax revenue for long-term national investment.
Who is Yitzhak Tshuva?
Israeli billionaire; controlling shareholder of the Delek Group, which controls 55% of NewMed Energy — itself the 45.34% largest holder of Leviathan. Acquired the Delek Group in 1998 from the Recanati family. Widely described in Israeli media as Israel's "gas king."
What changed during the Hormuz war?
The February-April 2026 Israeli strikes on Iranian gas infrastructure triggered a 33-day shutdown of Leviathan and Karish. Tamar stayed online. Egypt's Q1 2026 LNG bill tripled to $1.65 billion. Jordan's NEPCO incurred additional operating costs of approximately $2.5 million per day. Full analysis: The East Mediterranean Energy Map.
Related on The Olam
- The East Mediterranean Energy Map: Who Owns Israel's Gas — And Where It Goes — the full long-form analysis
- Israel's Gas, Oil & Energy Corridors: The Complete Map
- Leviathan and the Egyptian Offtake
- The Jordan Gas Contract That Survives Every Political Cycle
- The $1 Trillion Deal: AI Models the Economic Future of Saudi-Israeli Normalization
