Thursday, September 10, 2009

Oil Consortium to Drill at Dead Sea

Arutz-7 reports:

An oil drilling consortium which includes companies that found billions of dollars in natural gas off the Haifa coast will begin in October to look for black gold in an area along the Dead Sea, according to Delek Group chief executive officer Yitzchak Tshuva.

He said that the Society for the Protection of Nature in Israel (SPNI) has consented to the drilling after the consortium agreed to invest half a million dollars to protect the rich nature reserves in the area from damage during the exploration.

Investors' hopes of finding oil in Israel are based on seismic surveys that estimate that Dead Sea oil reserves are worth nearly half a billion dollars.

Delek heads the consortium that earlier this year discovered rich gas reserves approximately 50 miles west of Haifa, and estimates of the value of the gas have more than doubled since the first reports. Tshuva said last month that he foresees Israel becoming self-sufficient in energy in the near future, with the Jewish State possibly becoming an exporter of gas.

The complete article is here.



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