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Oil and Natural Gas Found Near Tel Aviv

Discovery Comes at a Good Time for Israeli Economy
By: Leonard Carl
Published: March 16th, 2012 in Business » Israel

A discovery worthy of the Beverly Hillbillies has been made by Modiin Energy and Adira Energy Corporation which announced an oil and natural gas find just 24 km northwest of Tel Aviv, in Jurassic strata.

"Surveys conducted in recent months found oil in the target strata,” said IDB Holding Corp. Ltd. CEO Haim Gavrieli. “The potential oil reservoir is 128 million barrels of oil, and the contingent reserves are an additional 120 million barrels. At a time of soaring oil prices, this is good news for IDB, Modiin, Adira, and for the Israeli economy, which is trying to diversify its energy sources."

Drilling is expected to begin by the end of this year with the first oil well expected in approximately five years.

"There's a best estimate of 79 million barrels of oil at the Yitzhak license and an additional 25.6 million barrels of contingent oil, as well as one trillion cubic feet of natural gas,” said Adira CEO Jeffrey Walter. “I said that I came to find oil and gas and was laughed at. I was told that there is no oil here. They were wrong."

Related articles: Beverly Hillbillies, Modlin Energy, Adira Energy, Oil, Natural Gas, Tel Aviv, Discovery, Drilling, Rig
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