Posted on 09/06/2004 8:01:11 AM PDT by yonif
For the first time in many years, a new commercially viable oil well has been discovered in Israel. The Lapidot Oil Company recently concluded a drilling in Heletz, northeast of Sderot, and found a deposit of some 750,000 barrels worth of oil. The total worth of the deposit, at today's inflated prices, is well over $30 million. At present, 60 barrels a day are being produced, but it is estimated that this will increase very soon.
In other Israeli fuel news, Ilan Cohen, Director of the Prime Minister's Office, decided yesterday to advance the construction of a 28-kilometer sea transport system linking a gas platform to a desalination plant currently in advanced stages of construction. The system will link the Tethys Sea partnership's gas platform to the desalination plant south of Ashkelon, which will thus be able to operate by means of natural gas as soon as next year.
The use of natural gas is expected to minimize damage to the environment caused by the power plants, and will also lead to a reduction in electricity costs.
The Prime Minister's Office reports that in 2002, a natural gas field was discovered off the Ashkelon coast; in 2003, a production platform and natural gas sea pipeline were built off the Ashkelon coast to transport the gas to Ashdod; and in January 2004, Ashdod's Eshkol gas-fired power plant - which produces approximately 10% of Israel's electricity - began operations. The introduction of natural gas for use in Israel has led to savings of approximately $15 million per annum.
The Israeli electricity sector is expected to complete the transition to natural gas by 2012, when approximately 50% of Israel's electricity will be produced by natural gas.
Woo Hoo! Ready to join OPEC!
Will they sell it to us or do they just have enough for Israel to be self-sufficient in the oil market?
I'm not an invester, consequently not 'in the loop' but, can anyone clarify this for me/us?
750,000 barrels is not much. Hardly worth the time to have a tanker dock and take it on. Current production is 60 barrels per day, which is $2,500 or so at current prices. If they increase production 100 fold, to 6,000 barrels per day, that's still only $250,000 per day, and they'll run out in a matter of months if they're pumping out 6,000 barrels per day.
Yeah, but isn't it nice to drill for oil on your own land? I'd love to have this puppy in my back yard!
The enviroweenies absolutely crack me up with their "no drilling in ANWR" crap. Instead of drilling for oil in our own country, which has some of the most stringent environmental rules of anywhere on the planet, they'd rather us continue to get oil from Mexico, Venezuela or Russia, et al, where environmental protection is virtually unheard of. The 'Pubbies need to add this to their arguement about drilling in ANWR, the Gulf of Mexico and elsewhere. We need to follow Israel's example and go back to drilling, pumping and refining our own crude. Screw the Arabs....
BTTT
That is because their intention is to destroy America, not protect the enviroment. Further proof of that is the enviro-weiners that protested American reigning in Saddam, the worst eco-terrorist in human history. Their respect of the enviroment is not near as dear to their hearts as the communist manifesto of the destruction of Capitolists.
Sixty barrels a day? That won't even produce energy independence for Nantucket.
Oil in fungible. An increase in any place in the world effects prices everywhere.
PRAISE THE LORD!
BLESS THEM, LORD, ABUNDANTLY!
I wonder if Arabs would allow Israel join OPEC
I doubt it
if So I wouldn't be suprirse if some Arabic countries decided smackdown Israel get the oil COULD BE
Do you think Russia want piece of action
HELL YEAH
I saw a News Update, or whatever it's called, with Hal Lindsay recently, and he explained how the Lord has provided immense wealth for the Izzies as soon as they find it. He explained all the scriptural clues as to where it is. I can't wait for them to find it.
They only THINK they wanting sum piece of Israel, cuz they get sum all upside they haid.
Hal Lindsay is an idiot.
I've often wondered how much oil is in our own country!
We probably have plenty beneath the California and Nevada deserts, but will never get to it because of the environmentalists.
:)
I don't know if he's an idiot, but he's sumpin.
I was just kidding. This find is very small and represents a token amount compared with the Saudi/Iraq/Russian oilfields. Unless you find something in the range of 200 million barrels it isn't even considered a major find.
I agreed with him when I heard him say it in person 30+ years ago at a small church gathering. I still believe it.
And we are that much closer to seeing it!
Thx.
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