Israel has struck oil again, this time off the Tel Aviv coast. Developers maintain the find includes 100 million barrels of oil, worth $10 billion.

Pictured left – Oil tankers in New Jersey — coming soon to Israel? - Photo: Reuters
Modiin Energy and Adira Energy discovered an estimated 128 million barrels of oil and 1.8 trillion cubic feet of gas in their Gabriella and Yitzhak licenses, in shallow water less than 15 miles northwest of Tel Aviv.
Officials called the find “significant” and added, “Surveys conducted in recent months found oil in the target strata. The potential oil reservoir is 128 million barrels of oil, and the contingent reserves are an additional 120 million barrels.” Continue Reading »











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