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Israel strikes oil off Tel Aviv coast
Israel strikes oil off Tel Aviv coast 3/14/12
Israel's Modiin Energy and Adira Energy Corp. on Tuesday confirmed the discovery of an commercially viable quantity of oil just 15 miles off the coast of Tel Aviv.
Late last year, Modiin and Adira published surveys of the 150-square-mile Gabriella field showing that the site likely contained significant quantities of both oil and natural gas.
Speaking to shareholders in Tel Aviv, Adira officials said Gabriella is expected to yield 232 million barrels of oil and 1.8 trillion cubic feet of natural gas. Add that to the 25 trillion cubic feet of natural gas discovered last year at other Mediterranean sites, and Israel's energy situation is starting to look much improved.
Modiin majority shareholder Tzahi Sultan told Israel's Globes business newspaper that drilling at the Gabriella site should begin later this year, and a well will be in place producing oil in about five years.
Replies to This Discussion
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Permalink Reply by RNhunter on
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Good Post Ruthann. I saw that. I am sure that that will complicate the Middle East even more. And of course our current president is not friendly to Israel in the first place. Makes like hard.
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Permalink Reply by Ruthann on
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I'm afraid that now BHO will declare the waters off Tel Aviv Occupied Land and want Israel to turn the oil over to the PLO or Hamas!
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Permalink Reply by JeansBrother on
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This has the potential to change the dynamics of the Middle East. Is it possible that in 10 years Israel could be a petroleum exporter? Would it become a member of OPEC? Does such a possibility increase the sense of urgency of Israel's enemies? Does this make the straights of Hormuz and the Suez Canal less important to Europe?
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Update:
Israel strikes oil off Tel Aviv coast -3/14/12
Israel's Modiin Energy and Adira Energy Corp. on Tuesday confirmed the discovery of an commercially viable quantity of oil just 15 miles off the coast of Tel Aviv.
Late last year, Modiin and Adira published surveys of the 150-square-mile Gabriella field showing that the site likely contained significant quantities of both oil and natural gas.
Speaking to shareholders in Tel Aviv, Adira officials said Gabriella is expected to yield 232 million barrels of oil and 1.8 trillion cubic feet of natural gas. Add that to the 25 trillion cubic feet of natural gas discovered last year at other Mediterranean sites, and Israel's energy situation is starting to look much improved.
Modiin majority shareholder Tzahi Sultan told Israel's Globes business newspaper that drilling at the Gabriella site should begin later this year, and a well will be in place producing oil in about five years.
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