An Israeli energy company looking to revive an old oil well near the Dead Sea on Sunday said a new resources report showed the field could hold reserves worth ILS1.2bn ($322mn).
Israel Opportunity said the report prepared by Edinburgh-based Dunmore Consulting on the Hatrurim license, which covers 94sqkm, gives a best estimate of the field containing 7mn barrels of oil, while the ambitious estimate is 11mn barrels.
Partners in the Hatrurim project include Zerah Oil and Gas, Gulliver Energy, Ashtrom Group and Cyprus Opportunity.
A previous group had drilled at the same spot and discovered oil in 1995, but determined the field was not worth developing due to low oil prices.
Israel Opportunity said it plans to push ahead quickly with development, using more advanced technologies and taking advantage of dropping service costs. It said the drilling budget was $5mn.
