Israel’s Chief Geologist Visits US Explorers

May 27, 2011 by  

Last week, Israel’s chief geologist visited Houston based oil and gas explorer ATP’s Gulf of Mexico offshore drilling platform to see best offshore exploration practices for himself. Israel geologist Victor Bariudin made the trip to get an understanding of ATP’s safe and effective offshore drilling procedures and make a recommendation to his country’s Minister of National Infrastructures, Dr Uzi Landau. At the end of his drilling platform visit, Mr. Bariudin stated, “I will recommend to our minister and our staff that we use this method and to work with them.” ATP followed (also Houston based) Noble Energy into the exploration waters of offshore Israel and into the world’s largest natural gas discovery in more than a decade. Testing indicates that an offshore oil discovery isn’t far behind.

Israel’s expectation is that the recent gas discovery and the likely possibility of significant oil reserves will make the country energy independent and even an energy exporter. The economic impact of gas and oil production in Israel could be more profound to the nation’s GDP than any industry the country’s history.

Houston’s Fox affiliate captured Bariudin’s Gulf of Mexico drilling platform highlights in the video below.

Earlier this month Mr. Bariudin, Israeli Petroleum Commissioner, Dr. Michael Gardosh,¬†and other Israeli officials visited with the managment of Zion Oil at Zion’s Caesarea, Israel offices. Zion holds the largest onshore exploration rights territory in Israel.

Israeli Oil Officials and Zion Leadership

Comments

One Response to “Israel’s Chief Geologist Visits US Explorers”

  1. Winston on May 28th, 2011 9:18 am

    As a ZN shareholder, is there a timeline as to when expected drilling results and production realized? We purchased ZN primarily as support to Israel and not for hopeful exploration. So sitting on the stock long term without gains is not a real winner for us unless the return is greater than the loss of investing in other stock: Silver, Gold, AAPL, etc..

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