Report: Dead Sea Oil Reserve Holds Over 7 Million Barrels
The holders of the Hatrurim land license for oil, located near the Dead Sea, reported on Sunday to the Stock Exchange that according to a resource report, the area contains an oil reserve worth approximately 1.2 billion shekels. Israel Opportunity – Oil and Gas Exploration Ltd, one of the partners holding the license, went up by 35 percent.
According to the report, completed by an external appraiser, Dunmore Consulting, the reserve contains anywhere from 7 million to 11 million barrels of oil. The amounts in the report were classified as “contingent resources,” a high classification that indicates 100 percent geological certainty that oil is to be found. This is in light of the fact that oil has already been procured from the reserve, in the Halamish section.
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