The tract holds reserves estimated at 7 million barrels of oil and worth 1.2 billion shekels (about $300 million).

The estimate is considered reliable since crude has already been produced from the reservoir in previous drillings. In 1995, an initial drilling to a depth of 2 kilometers (6,500 feet) struck oil. It was decided at the time not to develop the reservoir due to the low price of oil and the simultaneous discovery of large deposits of natural gas in the Mediterranean.

The drilling license was awarded to Israel Opportunity Energy Resources LP. Between natural gas and oil, Israel’s energy fortunes are improving from sea to shining sea.