TEL AVIV — Israel has reported the discovery of offshore crude oil.
An Israeli gas platform in the Mediterranean, west of the port city of Ashdod. /Reuters/Amir Cohen
An Israeli company said signs of oil were found more than five kilometers below the Mediterranean Sea.
The company, Shemen Oil and Gas Resources, said initial tests determined that the grade of the oil was high.
"There are significant signs of hydrocarbons — condensate, natural gas and the possibility of light oil," Shemen said.
At a news conference on Sept. 8, Shemen said the oil was found at a depth of nearly 5.2 kilometers below the sea at its Yam-3 well near the Israeli coastal city of Ashdod.
The company said Yam-3 would be drilled to 5.7 kilometers by Caspian Drilling when a full assessment would be drafted.
Source http://www.worldtribune.com/2013/09/09/israeli-firm-finds-high-grade-oil-5-km-down-in-mediterranean/
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