An oil discovery in the Dead Sea region that sat dormant for more than 20 years is being dusted off to see if it might yield a profitable amount of precious crude for the domestic Israeli market.
Although the amount of oil in the area is relatively small, any domestic oil source is significant given Israel’s longstanding dependence on foreign oil sources. Fully 99 percent of Israel’s oil comes from foreign suppliers.
The largest consumer of petroleum in the eastern Mediterranean, Israel has sought rely less on oil and more on natural gas. That change is largely dependent on how quickly two offshore natural gas fields can produce the amount needed.
With oil prices currently standing at about $45 a barrel, compared to $15 when the oil in the southern Dead Sea area was initially discovered, the licensing company Israel Opportunity feels that the time is right.