Oil was discovered in 1995 but production was not then considered worthwhile.
A consortium has been awarded an oil exploration permit for the Hatrurim license in Halamish in the Judean Desert in the northeast Negev region by the petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water. The consortium comprises Zerah Oil And Gas Explorations LP (TASE: ZRAH) (31.25%), Gulliver Energy Ltd. (TASE: GLVR) unit Ginko Oil Exploration (25%), Israel Opportunity (25%), Ashtrom Group (10%), and Dr. Eilyahu Rosenberg the founder of Delek Group Ltd. (TASE: DLEKG) unit Avner Oil and Gas LP (TASE: AVNR.L) will hold 2.5% of the license.
The Hatrurim license covers 70 square kilometers near the Dead Sea. In 1975, Delek Group unit Delek Drilling Limited Partnership (TASE: DEDR.L) drilled to a depth of two kilometers in the license area and found oil. This was the last ever onshore drilling operation by the Delek Group before discovering large quantities of offshore gas. Delek decided not to proceed with oil production because low oil prices at the time made it not worthwhile.
Published by Globes [online], Israel business news - www.globes-online.com - on August 14, 2014
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