October 19, 2010
New Survey Indicates Large Oil Field Buried Under Negev Sand
by Tzvi Ben Gedalyahu
A new preliminary geological survey indicates 26 million barrels of recoverable oil—worth $2 billion—may be sitting underneath the sandy soil in the area of two kibbutzim in the Western Negev, near Gaza.
Energtek announced it has received a geological survey on the Nir-am—Sa'ad block, “identifying the potential for exploitable oil and natural gas reserves.” Its subsidiary Energtek Products has the exclusive license to explore and exploit the resources in the area.
The firm added, “Current estimates will need to be confirmed by additional studies. Additional seismic analysis, modeling and further verifications are required to compile more accurate data on the fields and to provide more accurate reports on actual recoverable reserves.”
Besides the estimates of oil at a depth of 2,000 meters, or approximately a mile and a quarter, the preliminary survey also reports an additional estimate of 12 million barrels of recoverable oil at depths of up to 4,000 meters, worth $900 at current prices.