The exploration license for oil and gas Hatrurim in the Dead Sea region contains an oil field in the value of 1.2 billion NIS (about 290 million) as reported by the company ‘that holds the license and taken from the newspaper economic Globes.

The company advisory Dunmore Consulting estimates a size of the reservoir in about 7 million barrels, reaching the most optimistic prediction of 11 million barrels. Estimates have a certainty from the point of view of the geological composition of 100%, since there it has already been extracting oil from the reservoir through the perforations Halamish.

The Hatrurim license has a width of 94 square kilometers. In 1995, Delek Group and Avner Oil and Gas LP had dug up to two kilometers below the surface by finding oil but by deciding to suspend the activities’ drilling for the benefit of the interventions on the natural gas fields in the sea.

Last October, the Commissioner for Petroleum Affairs in the Ministry of Infrastructure, Energy and Water Resources has approved the license application Hatrurim received from Israel Opportunity Energy Resources (which includes Zerah Oil and Gas Explorations LP, Gulliver Energy Ltd., Cyprus Opportunity, Ashtrom Properties Ltd and fellow property Eliyahu Rosenberg, founder of Avner Partnership) retaining a 25% stake.

It is the first time that a Cypriot company participates in an activity exploration for oil and gas in Israel.


Source: medNews