Small Canadian Companies Exploring for Oil & Gas in Israel

abarrelfullabarrelfull wrote on 08 Jun 2011 07:48
Tags: aldira brownstone israel tsx

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Just a few years back, talk of oil & gas in Israel was seen as fanciful. Noble Energy's Leviathan Gas Field stopped all the scoffing.

Now Noble is not the only company active in Israel. Adira Energy Ltd and Brownstone Energy Inc are two Toronto (TSX) quoted companies that are also prospecting.

Adira is focusing on unconventional onshore prospects including Coal Bed Methane (CBM) & Shale Gas. So maybe fracking will be able to unlock potential in Israel as it has in the USA. In addition they hold shares in two offshore blocks.

One of their partners in these offshore blocks is Brownstone. They say that there are indications of the presence of oil. If correct that would be big news, because Israel already looks to be long on gas in the longer term, but oil? Just bear in mind the minute quantities that have previously been found.

During the 1950's, Israel discovered the on-shore Heletz Oil field. Over the past 50 years, Heletz has produced 20m cumulative barrels of Oil. It has been in depletion for over 20 years and today produces only a few barrels per day.

50 Years, and the cumulative production would meet less than 25% of the world's daily needs.

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