Middle East Economic Survey

VOL. LIII

No 1

4-Jan-2010

israel

Givot Olam Announces Onshore Hydrocarbon Discovery

Israels Givot Olam Oil Exploration announced to the Tel Aviv Stock Exchange on 23 December that it had discovered oil and gas at its Meged-5 well, located at Rosh Haayin, 20km northeast of Tel Aviv. The well was spudded on 7 June with a target depth of 4,800ms, but has so far reached only 4,300ms. The company said gas comprised 60% of the hydrocarbons found in samples taken from the...