Pages Menu
TwitterRssFacebook
Categories Menu

Posted by on Aug 5, 2013 in Invest | 1 comment

Israel’s deepest well targets 1.5 billion barrels

Israel’s deepest well targets 1.5 billion barrels

oilisrael

While explorers have found enough natural gas in the past five years to turn Israel into an exporter, a major oil discovery would break new ground.  The deepest oil well drilled in Israel’s 65-year history may be the most important.  Story by Steve Spillman, OilinIsrael.net

July 18, Bloomberg

Houston’s Noble Energy Inc. (NBL) will probe 6,500 meters (4 miles) below the Mediterranean seabed later this year, targeting as much as 1.5 billion barrels of crude, equal to about 15 years of Israeli demand.

While explorers have found enough natural gas in the past five years to turn Israel into an exporter, a major oil discovery would break new ground. The Middle East’s third-largest economy spends about $10 billion a year importing 98 percent of the oil it uses. Domestic production would increase tax revenue, boost the country’s balance of payments and reduce vulnerability to supply disruptions.

“The economic impact on Israel would be far greater than that of natural gas,” David Wurmser, director of the Washington-based Delphi Global Analysis Group, said in a phone interview. “Finding the oil would mean big money for the Israeli companies and the government.”

sources: OilinIsrael.net

1 Comment

  1. J belive that only the oil and gas discovery in Israel will change the , up- to- date balans of power on the midlle east and reduce the dominance of OPEC let,hope soon.
    regards Joseph

Post a Reply

Your email address will not be published. Required fields are marked *