VOL. XLIV

No. 27

2-July-2001

ISRAEL

Israel National Oil Company Buys Into Shikma Offshore Acreage

Israel National Oil Company (INOC) on 26 June bought a 51% stake in the 160 sq km offshore Shikma concession from Nordan Oil & Gas and took on a commitment to finance the full drilling costs up to $7.65mn, after which the partners will share costs proportionately. According to a statement released to the Tel Aviv Stock Exchange, the partners plan to start drilling in September-October on the...