Tshuva to join Ginko in Dead Sea oil explorations

Silently Loud · 9th October 2006, 14:23

Delek Drilling, Avner Oil Exploration sign agreement with Ginko for 50 percent investment in Dead Sea drilling licenses

Avi Shauli Published: 10.09.06, 12:38

Businessman mogul Yitzhak Tshuva is teaming up with the Ginko Oil Exploration Company in the search for oil in the Dead Sea. Tshuva's companies Delek Drilling and Avner Oil Exploration signed an agreement with Ginko Sunday for a 50 percent investment in Dead Sea drilling licenses. The companies' initial investment will total some USD 4.4 million.

Black Gold

According to the agreement between Ginko and Tshuva's companies, Delek Drilling and Avner Oil Exploration will serve as an operator in the partnership, both in the drilling phase and in the oil production phases.

The agreement between Tshuva's oil companies and Ginko relates to two enclaves in the exploration area belonging to Zerach and Tzurim in an overall area of some 50 square meters. Further to the joint investment, Ginko will be paid a premium in exchange for its investments in the area.

Zerach's license zone is located in the northern part of the Dead Sea and spans an area of 400 square meters. Last week a free flow of oil was discovered at a drilling site located within the licensed area. The oil was struck from a depth of 2000 meters.
The Tzurim area is located south of the Zerach licensing area and spans an overall area of 335 square meters. Tshuva's companies aim to concentrate their explorations in this area within the Halamish enclave.
Oil reserves worth USD 300 million
Ginko reported that it is preparing to produce the oil at the drilling site, and is currently conducting static pressure tests in the well to assess the quantity of the oil and to plan the pace of production.
Ginko further reported that "according to new seismic findings completed recently, it appears that there is a closed structure in the Zerach area that promises to contain oil reserves totaling some 6.6 million barrels."

According to the prices of crude oil today, this amount is valued at some USD 300-350 million.

Ginko Oil Exploration is owned by accountant Yair Karni, Nissan Khakshouri, Rami Karmin and Elgadcom Group (owned by the Shushan and Salouk brothers).

dizo · 9th October 2006, 14:32

Coool! If he'll find a lot of oil we'll be rich and will build so many skyscrapers like in Dubai! yaaaaaay!

Silently Loud · 9th October 2006, 14:33

dizo · 9th October 2006, 14:39

What lol?

Livni · 9th October 2006, 18:03

I hope we invest in water technology and cars with no fuel and get
an advantage, not do what everybody does..
Then again Im sure theres lots of oil here as well its just a matter
of how much it cost to dig and if the price is high enough, its worth it
for business.

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