Israel’s deepest well ever targets 1.5 billion barrels

August 2, 2013 by  

Noble OffshoreJuly 18, Bloomberg

The deepest oil well drilled in Israel’s 65-year history may be the most important.

Houston’s Noble Energy Inc. (NBL) will probe 6,500 meters (4 miles) below the Mediterranean seabed later this year, targeting as much as 1.5 billion barrels of crude, equal to about 15 years of Israeli demand.

While explorers have found enough natural gas in the past five years to turn Israel into an exporter, a major oil discovery would break new ground. The Middle East’s third-largest economy spends about $10 billion a year importing 98 percent of the oil it uses. Domestic production would increase tax revenue, boost the country’s balance of payments and reduce vulnerability to supply disruptions.

“The economic impact on Israel would be far greater than that of natural gas,” David Wurmser, director of the Washington-based Delphi Global Analysis Group, said in a phone interview. “Finding the oil would mean big money for the Israeli companies and the government.”

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Comments

3 Responses to “Israel’s deepest well ever targets 1.5 billion barrels”

  1. Johnny Ramirez on September 10th, 2013 12:04 am

    Drill baby Drill :-)

  2. Johnny Ramirez on September 10th, 2013 12:09 am

    God bless America U.S.A & Israel this discovery is a huge blessing from GOD ALMIGHTY Genesis 12 : 3

  3. GURUNATH VAIDYA on September 20th, 2013 1:19 am

    Respected Sir/Madam,

    I just love the country ISRAEL and really want to know whether there are oil resources in ISRAEL Please let me know. Also send some pictures of ISRAEL CITIES.

    Thanks
    G P VAIDYA.

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