Israel's Shemen gets okay for offshore oil drill
Receives approval to drill for oil off Israel's southern Mediterranean coast from Defense Ministry, military paving way for operations at Yam-3 drill to begin
Reuters Published: 07.28.12, 10:18 / Israel Business
Shemen Oil and Gas Resources said this week it had received approval to drill for oil off Israel's southern Mediterranean coast from the Defense Ministry and military, paving the way for operations at its Yam-3 drill to begin.
Shemen plans to drill in relatively shallow water 16 km off the coast of Ashdod, a major port that is also home to a naval base and one of Israel's two oil refineries.
Shares in Shemen were up 17% in midday trade in Tel Aviv on Monday.
Consulting firm Netherland and Sewell Associates estimated there is the potential for 227 million barrels of oil and 3 trillion cubic feet of natural gas in the Shemen 387 license.
http://www.ynetnews.com/articles/0,7340,L-4260768,00.html
