Israeli Company Strikes Oil Near Dead Sea
18:40 Oct 05, '06 / 13 Tishrei 5767
by Hillel Fendel
An Israeli company reports it has struck oil in the Dead Sea region, possibly worth up to $350 million.
The company, Ginko Oil Exploration, says that oil spurted on Monday from a depth of 1,800 meters (1.12 miles), and that further tests will be carried out in the coming days. The oil, estimated at about 6.5 million barrels' worth, was found just north of the Dead Sea.
Ginko extracted about 120,000 barrels of crude oil from the site about ten years ago, but gave up the initiative. The drilling has now been renewed, as it has in many places around the world, because of the steep increase in oil prices. Ginko has already acquired pipelines and containers for transporting the extracted fuel.
In April 2004, Ginko discovered a seven-meter layer of natural gas in the same region.
Israel has produced only 20 million barrels of oil in the last half-century, the Associated Press reports - less than what the Saudis produce every three days.
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