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March 14, 2012 10:19 am

Oil Found Off Tel Aviv Coast, Owners Say $10 Billion Worth

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Haifa oil refinery. Photo: wiki commons.

Arutz Sheva – Israel has struck oil again, this time off the Tel Aviv coast. Developers maintain the find includes 100 million barrels of oil, worth $10 billion.

Modiin Energy and Adira Energy discovered an estimated 128 million barrels of oil and 1.8 trillion cubic feet of gas in their Gabriella and Yitzhak licenses, in shallow water less than 15 miles northwest of Tel Aviv.

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