Sign up now to receive our regular news briefs.

Oil Discovered in Israel’s Yam 3 Offshore Field, Could Generate $11 Billion

September 9, 2013 9:44 pm 6 comments

Oil barrels, with an international price of above $100 each, makes what's under water at the Yam 3 offshore field worth some $11 billion. Photo: WikiCommons.

Oil barrels, with an international price of above $100 each, means what's underwater at the Yam 3 offshore field could be worth some $11 billion, $3 billion for owner group Shemen. Photo: WikiCommons.

Shemen Oil and Gas Resources Ltd. (TASE: SOG) has discovered oil at Israel’s Yam 3 well, off the coast of Ashdod. The field is estimated to be worth up to $3 billion after development costs of $160 million, Israel’s Globes business daily reported on Sunday.

Shemen said signs of oil were found at the site, 19 kilometers from Ashdod, at a depth of 5,175 meters below sea level, and that the quality of the oil was high. The net thickness of the target strata is 68 meters, which, multiplied by the license area of 25 square kilometres, gives Israeli energy analysts an idea of how much oil awaits Shemen under the sea, Globes said.

A resources report by Netherland Sewell & Associates Ltd. estimated the field holds 128 million barrels of recoverable oil, with 110 million barrels of oil and 18 million barrels of oil equivalent of natural gas. With international oil prices above $100 per barrel, the reservoir could generate $11 billion, with between $2 billion and $3 billion value for the field’s developers, Globes said.

Clal Finance energy analyst Yaron Zar told Globes that the next data point investors are waiting to learn is what kind of bedrock is being found in the area. At the much larger Israeli natural gas fields of Tamar, Leviathan, and Karish, the rock is highly porous sandstone, but the strata rock at Yam 3 may be chalk, with a far lower porosity. The softer the rock, the better for drilling and extracting, Globes said.

The oil discovery was powerful news for Shemen’s share price, which jumped by 15% before closing the trading session in Tel Aviv with a 3% gain on the initial news. The proof of oil is also seen as benefiting Israel’s exploration sector, which has fallen from grace after several high-profile “copy cat” natural gas wells announced in the wake of Israel’s Leviathan mega deal proved to be duds.

Israel’s Myra and Sarah fields, both “dry holes,” were estimated to contain 6.5 trillion cubic feet of gas and cost $165 million to explore; the Ishai license, another dud, was estimated to have 2.4 TCF of gas and cost $103 million to explore; while the Shimshon license, yielded just 0.6 TCF of gas, a quarter of the estimated 2.4 TCF, and cost $80 million.

6 Comments

  • Of Asher he said, “More blessed than sons is Asher; May he be favored by his brothers, And may he dip his foot in oil.” Deuteronomy 33:24

    and now, nanodots!

    the fig tree has more than started to send forth new growth. God Bless Israel.

  • is it ashers’ feet which are bathed in oil? and for such a time as this? shalom Israel shalom

  • Elliot J. Stamler

    We Jews have all heard the old joke: if only Moses had turned right instead of left the promised land would have been in Arabia. Well, thousands of years later, looks like Moses did make the correct turn.

  • This isn’t thrilling, it is nauseating. Western Civilization’s limited accumulation of Wisdom has been centered in the Old Testament and prior to scientific archaeology that only began in the 19th century it is all the knowledge of past mistakes that we had. It is ironic to me that these finds are not that far from the exhausted mines of Solomon and the Egyptian Pharoahs. Like the oilfields of Texas, they will only be a temporary fix, and since Fukushima it is obvious that “peacefl” uses of atomic energy are turning out to be even more lethal than those that are meant to blow up cities and kill large numbers of people. Aside from sun, wind, and tides, your only real source of sustainable energy and if you aren’t running a generator connected to your bicycle to read this, you might as well drop dead and count your entire lifetime as having been a complete waste of time.

    • Hahaha good one Tom. Pedal harder cause you’ll need to generate more power for a/c … or is it 30 years of cooling … Just end it right now. He that keeps Israel neither slumbers
      nor sleeps … Yeshayah 41 these are idols

  • Wow, for crying out loud, Israel has got oil and gas coming out of their mouth, ears and eyes. It’s absolutely miraculous!!! I’m just astounded and I believe there is going to be much more they will find. To Jesus Christ be all the Glory!!!

Leave a Reply

Please note: comments may be published in the Algemeiner print edition.


Current day month ye@r *

More...

  • Theater US & Canada Seth Rogen Unveils New Christmas Movie — ‘Will Open on Thanksgiving, Made by Jews’ (VIDEO)

    Seth Rogen Unveils New Christmas Movie — ‘Will Open on Thanksgiving, Made by Jews’ (VIDEO)

    Famed actor Seth Rogen on Tuesday unveiled with typical comic fanfare the trailer for his new Christmas film. The movie “was made by Jews… and opens on Thanksgiving,” Rogen pointed out on Twitter. The Night Before tells the tale of three “ride or die homies” celebrating one last debauchery-filled Christmas Eve reunion before they become too busy to keep up their annual tradition. In an effort to make the night as memorable as possible, they set out to find the “Nutcracka Ball – the […]

    Read more →
  • Arts and Culture Jewish History Art Can Inspire Faith; It Can Also Empower Destructive Ideologies

    Art Can Inspire Faith; It Can Also Empower Destructive Ideologies

    A June 2015 art exhibit, “The Transformative Power of Art,” at the United Nations headquarters in New York City, harnessed the universal language of art to convey an important message: “Our fragile Mother Earth faces the devastating consequences of climate change, a defining challenge of our time.” The exhibit also included sixteen portraits of people from all over the world who have “contributed to the common good of humanity in one way or another and have transformed the way we […]

    Read more →
  • Israel Sports Israeli Muslim Cage Fighter Says He’s Proud to Fight Under Jewish State’s Flag

    Israeli Muslim Cage Fighter Says He’s Proud to Fight Under Jewish State’s Flag

    A 32-year-old Circassian Israeli Muslim Mixed Martial Arts fighter from Abu Ghosh says he takes pride in fighting under the Israeli flag, Israel’s Walla reported on Sunday. Like most Circassian Israelis, Jackie “the Punishment” Gosh was born Sunni Muslim. He became observant about eight years ago, and is now scrupulous in following his religion’s tenets, praying five times a day and fasting during the holy month of Ramadan. Gosh is also very proud of his Israeli nationality, and sees no contradiction between […]

    Read more →
  • Israel Music New Mark Skinner Documentary Explores Jewish, Arab Rap Scene in Israel (VIDEO)

    New Mark Skinner Documentary Explores Jewish, Arab Rap Scene in Israel (VIDEO)

    A new documentary explores the lives and work of Jewish and Arab rappers in Israel and how the ongoing conflict in the region has impacted their lyrics, the U.K.’s Jewish Chronicle reported on Thursday. Hip Hop in the Holy Land is a six-part series co-directed by Mike Skinner, the British frontman of hip-hop group The Streets, and produced by Noisey, a music channel published by Vice news. The first episode, published last week, shows Skinner meeting with Tamer Nafar, the founder of one of […]

    Read more →
  • Sports US & Canada 49ers Running Back Jarryd Hayne Apologizes for ‘Hurtful’ Jesus Tweets

    49ers Running Back Jarryd Hayne Apologizes for ‘Hurtful’ Jesus Tweets

    New 49ers running back and Australian rugby star Jarryd Hayne apologized on Wednesday for a tweet in which he raised the age-old myth that Jews were historically responsible for Jesus Christ’s death. Reaching out to his Jewish fans, and the chairman of the B’nai B’rith Anti-Defamation Commission, Hayne tweeted: “To the Jewish community @DvirAbramovich #WeAreAllOne.” Underneath, he keenly included a screenshot of a text message to elaborate on his apology: “I sincerely apologize for my tweets on July 1. I […]

    Read more →
  • Theater Israeli Actress Gal Gadot Recalls Being ‘Extremely Surprised’ at Winning Miss Israel Contest

    Israeli Actress Gal Gadot Recalls Being ‘Extremely Surprised’ at Winning Miss Israel Contest

    Israeli actress Gal Gadot reminisced about her childhood in Israel during an interview published in this month’s edition of Vanity Fair. “I don’t remember this, but my mom told me that when I was three they threw a party on the rooftop of the house. They put me to bed, and I heard people coming into the house and no one came to me. I went to the rooftop and took a hose and I started to spray water on everyone, just […]

    Read more →
  • Blogs Features Wounded Israeli Soldiers Unite With American Veterans to Help Their ‘Brothers for Life’ Heal (INTERVIEW)

    Wounded Israeli Soldiers Unite With American Veterans to Help Their ‘Brothers for Life’ Heal (INTERVIEW)

    An Israeli organization is helping wounded U.S. veterans move past their physical and psychological challenges by connecting them with injured Israeli soldiers who understand what they’ve been through. “What we discovered very early is that there’s no ‘professional, psychiatrist, social worker’ or anything like that [or] pills that can come even close to helping a soldier who fought in combat, who was wounded, who lost his friends. No one can help him like another person who’s been through exactly what he has,” Rabbi Chaim Levine, […]

    Read more →
  • Relationships World Researchers Say Women Less Likely Than Men to Kill Hitler, if They Could Travel Back in Time

    Researchers Say Women Less Likely Than Men to Kill Hitler, if They Could Travel Back in Time

    Women are less likely than men to want to kill Nazi leader Adolph Hitler if given the ability to travel back in time, a recently published research paper revealed. The paper analyzed 40 studies involving 6,100 respondents in a time-travel thought experiment, the New York Post reported on Friday. While 60 percent of men said they would theoretically be willing to kill Hitler, only 55 percent of women said they would be comfortable doing the same. The paper was published in the Personality and […]

    Read more →