Israel's Modiin Energy and Adira Energy Corp. on Tuesday confirmed the discovery of an commercially viable quantity of oil just 15 miles off the coast of Tel Aviv.
Late last year, Modiin and Adira published surveys of the 150-square-mile Gabriella field showing that the site likely contained significant quantities of both oil and natural gas.
Speaking to shareholders in Tel Aviv, Adira officials said Gabriella is expected to yield 232 million barrels of oil and 1.8 trillion cubic feet of natural gas. Add that to the 25 trillion cubic feet of natural gas discovered last year at other Mediterranean sites, and Israel's energy situation is starting to look much improved.
Modiin majority shareholder Tzahi Sultan told Israel's Globes business newspaper that drilling at the Gabriella site should begin later this year, and a well will be in place producing oil in about five years.