An Israeli oil exploration consortium discovered 7 billion barrels of oil in the West Bank near the Dead Sea, Israel Opportunity Energy Resources announced on Sunday.
According to the announcement, the new discovery contains 7-11 million barrels oil worth $320 million.
The share interest of the consortium is broken down as follows, with Israel Opportunity Energy Resources with a 25 percent stake, Cyprus Opportunity Oil & Gas Exploration with a 5 percent share, Zerach Oil and Gas Exploration and Ginko Oil Exploration each with a 28.75 percent interest, Ashtrom Group Ltd. with a 10 percent share and Eliyahu Rozenberg with a 2.5 percent interest.
Israel's Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources issued the consortium the Hatrurim license, which covered a 94 kilometer area in the West Bank, in October 2014.
Cyprus Opportunity Oil & Gas Exploration, listed in Cyprus, is the only foreign company in the consortium.
The Cypriot company is an oil and natural gas exploration company listed in the Greek Cypriot administration and has previously applied to the Greek Cypriot administration to explore hydrocarbons in the eighth block offshore Cyprus.
The Palestine National Authority opened a bid to explore in the area where the last discovery was made. However, Israel blocked this bid.
Previously, British Gas discovered natural gas resources in the offshore Gaza area but Israel did not allow the company to progress with this extraction.
By Muhsin Baris Tiryakioglu
Anadolu Agency
muhsin.tiryakioglu@aa.com.tr