Oil deposit discovered near Dead Sea in southern Israel

Estimated between 7-11 million barrels of oil reported, worth over $316 million; Cyprus purchases proven oil license

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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.”

At the end of January, Israel, Cyprus and Greece announced the formation of a trilateral committee that will serve as a means “to strengthen the cooperation between our three countries in order to promote a trilateral partnership in different fields of common interest and to work together towards promoting peace, stability, security and prosperity in the Mediterranean and the wider region,” mainly that of the construction of a pipeline for gas exports from Israel’s gas reserves to Cyprus and Greece, a cooperative and collaborative boost in relations with Greece and Cyprus and advances in all three countries economies.