According to CEO Victor G. Carrillo, Zion Oil & Gas is "currently completing construction of their drill site in northeast Israel and will be moving the rig to the site in a few weeks in anticipation of spudding the well this spring." Mr. Carrillo says, "Our excitement continues to build regarding our upcoming deep well!"
According to an independent study conducted by Beicip-Franlab, up to 6.6 billion barrels of oil remain in the offshore portion of Israel's Levant Basin. Zion's license lies in the onshore portion of the Levant Basin.
Zion's vision is to help ensure Israel's political and economic independence by finding and producing oil or natural gas onshore in Israel.
The Texas-Israel Chamber of Commerce supports this bill, but we also encourage supporters to go a step further and combat the BDS movement by promoting investment and trade in Israel. The key to combatting divestment is promoting investment.