Israel To Discover Vast Reservoirs of Oil

I believe Israel will discover vast reservoirs of oil in the near future which will change the whole picture in the Middle East. 

SIGNIFICANT QUANTITIES’ OF OIL DISCOVERED IN CENTER OF ISRAEL
by Tzvi Ben Gedalyahu

An everlasting hope of finding significant amounts of oil in Israel may have been realized with the announcement Thursday that “significant quantities” of oil were found in a well in the area of Rosh HaAyin, a city located east of Tel Aviv on the western edge of Samaria.
The Givat Olam (Hebrew for “Hill of the World”) Exploration Limited Partnership informed the Tel Aviv Stock Exchange of the discovery, but added, “At this stage it is not possible to estimate the significance of these findings." The company’s stock more than doubled on the stock market, according to Globes.
The firm said the oil was found late Wednesday night and that “more than 60 percent gas was measured in the drill mud.” The commercial potential of the oil field will not be known until tests and calculations on production and processing can be completed.
The “Meged” well in the Rosh HaAyin area is one of the few that have been drilled outside of the Negev and Dead Sea area. Several studies by independent consultants have confirmed the potential for oil in the area, and previous drillings have encouraged the prospects of discovering enough oil and gas for commercial production.
Earlier this year, a huge gas field was discovered off the Mediterranean Coast. The gas is expected to be on line in three years and is anticipated to help Israel become self-sufficient in gas. It also is providing hundreds of high-paying jobs for developing the field and bringing the gas from the sea, off Hadera and Haifa, to the coastline.
If the Meged well proves commercially viable, it will further Israel’s longtime hope of being energy independent and is likely to strengthen the shekel against world currencies.

Israel to become center of new 'oil and gas rush'

Israel to become center of new 'oil and gas rush'

A top US energy industry expert believes Israel is going to soon experience an "oil and gas rush" by major Western energy development companies.

Speaking to the Israeli financial newspaper Globes, Fred Zeidman said the recent discovery of a massive natural gas field off Israel's Mediterranean coast had drawn the attention of every major Western energy company.

Israeli companies Delek and Isramco have already tapped the natural gas field, together with British energy giant Noble Energy. Zeidman noted that quite often, "as soon as Noble goes to a place, many other companies follow in its wake."

That could mean an enormous economic boom for Israel and its transformation overnight into a major international energy exporter.

The natural gas field in the Levant Basin (the western Mediterranean) is estimated to hold 122 trillion cubic feet of recoverable natural gas, making it the largest natural gas resource ever found. The area is also believed to contain at least 1.7 billion barrels of recoverable oil.

 
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