Sources in the Israeli oil exploration industry today estimated that commercial oil reserves will soon be discovered in Israel for the first time. According to the sources, it is possible that extensive quantities of oil are located under the strata in which gas was found in commercial quantities. The drillings in question are Mary-1, Mary-2, and Noa-1.
The sources said, "The partnerships also intend to invest in deeper strata, in order to find oil, the chances of which are excellent. There is a good chance that this will take place in the near future".
The sources claim that the chances of finding oil will increase, since, in contrast to the past, large companies will be encouraged to enter the Israeli oil exploration field. Currently British Gas is the only large multi-national oil company operating in the oil and gas field involved in explorations in Israel. British Gas has already signed gas exploration agreements.
It is predicted that drilling for oil exploration in the areas of Mary-1, Mary-2, and Noa-1 will commence already in the near future. Oil has never been discovered in Israel in commercial quantities, and this is the first time that great optimism has existed concerning the chances of finding oil.
Published by Israel's Business Arena on April 6, 2000