Oil deposit discovered near Dead Sea in southern Israel

Ezekiel 38:12 I will plunder and loot and turn my hand against the resettled ruins and the people gathered from the nations, rich in livestock and goods, living at the center of the land.”

An oil deposit was discovered near the Dead Sea, the announcement of the discovery made on Sunday by the Hatrurim consortium. According to a report by the Dunmore Consulting, the oil reserve is estimated between 7-11 million barrels of oil worth over $316 million dollars.

The Hatrurim license for gas and oil exploration covers 94 square kilometers around the Dead Sea. The first discovery of oil was made over a decade ago by drilling of the Delek Group Ltd.

In October of 2015, a large oil deposit was discovered in the Golan Heights following three drillings in the southern Golan Heights. The drilling was carried out by the subsidiary of American company Genie Energy who requested to begin to drill in August.

Just last week, C.O. Cyprus Opportunity, Energy Public Company Limited, which holds a 5% holding in the Hatrurim License, purchased a proven oil license in Israel. It was the first purchase by a Cypriot gas exploration company in Israel. Chairman of the company Rony Halman stated on the purchase “We are proud to be the first company to obtain oil exploration rights at a proven field – we are looking ahead to a fruitful collaboration and the strengthening of strategic relations in energy between Israel and Cyprus.”

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