"Israel has struck oil again, this time off the Tel Aviv coast. Developers maintain the find includes 100 million barrels of oil, worth $10 billion.
Modiin Energy and Adira Energy discovered an estimated 128 million barrels of oil and 1.8 trillion cubic feet of gas in shallow water less than 15 miles northwest of Tel Aviv.
Officials called the find “significant” and added, “Surveys conducted in recent months found oil in the target strata. The potential oil reservoir is 128 million barrels of oil, and the contingent reserves are an additional 120 million barrels.”
“Bottom line, there is oil. It’s 100 percent. Secondly, the quantities are commercial,” said Tzachi Sultan, controlling shareholder of Modiin.
The Gabriella license is near shore in shallow water. “At a time of soaring oil prices, this is good news for IDB, Modiin, Adira, said Chaim Gavriella, CEO of the IDB holding company that owns most of Gabriella’s shares.
The oil was defined as “ high quality” and reportedly can be extracted even easier than the gas.
The amount of oil is estimated to meet Israel’s needs for 18 months, in addition to other energy finds in the Tamar and Leviathan fields off the Haifa coast. Companies developing those fields say there is enough gas and perhaps oil to turn Israel into an exporter.
Sultan said drilling will begin by the end of the year and that it will take approximately five years for the first well to start producing oil."
Wednesday, March 14, 2012
Looks like Golda Meir was wrong: