An Israeli energy company has announced that an oil field they have been surveying north of the Dead Sea is estimated to hold millions of oil barrels, worth 1.2 billion shekels ($321 million).
The reservoir, known as Hatrurim, is estimated to contain seven million barrels of oil, while the high estimate is 11 million barrels, according to the company “Israel Opportunity.”
Other partners in the Hatrurim project include Zerah Oil and Gas, Gulliver Energy, Ashtrom Group and Cyprus Opportunity.
A previous company (Delek Group Ltd) had carried out an initial drilling at the same spot and discovered oil in 1995, but determined the field was not worth developing due to low oil prices.
The Israeli oil project in this area is expected to face opposition from the Palestinian government because the site is part of the Palestinian territory in the West Bank, which is classified as Area C under the Oslo accords. However, Israel prevents the Palestinians from drilling for oil and gas in the West Bank.
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