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March 26, 2012 11:48 am

More Oil and Gas Discovered Off Israel’s Shore

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Oil pipeline. Photo: Wiki Commons.

Two energy companies have found 128 million barrels of oil and 1.8 trillion cubic feet of gas under shallow water about 15 miles northwest of Tel Aviv.

“This is good news—we found high quality oil inshore, which can be extracted,” said Haim Gavrieli, CEO of IDB Holding Corp. Ltd, according to the Jerusalem Post.

“A previous well there produced 500 barrels of oil a day. In other words, we have an oil target in commercial quantities that can meet Israel’s energy needs for 18 months,” he added.

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