Zion Oil and Gas began drilling its onshore well, the Megiddo-Jezreel #1, last Monday, June 5. Zion Oil and Gas, which is a Dallas-based energy company, owns 99,000 acres of land in Israel’s Megiddo and Jezreel Valleys where it conducts its operations. As the land is located on the onshore portion of the Levant Basin, it is estimated that Zion’s property may possess over 6.6 billion barrels of oil yet to be discovered!
Late last year, Zion Oil and Gas received a license from Israel’s Petroleum Commissioner extending its drilling date to December 2, 2017. In finally commencing the drilling process 6 months before the deadline, the leadership team of the 17 year old oil company is ready to officially embark on this exploratory process!
Victor Carillo, the CEO of Zion Oil and Gas as well as a member of the Texas-Israel Chamber of Commerce’ Board of Directors, reflected on the momentous occasion, “It has been a complicated and difficult multi-year journey to get to this point, but our entire team is very excited to see this project finally come to fruition. We anticipate drilling through at least four different geologic strata with oil and gas potential.”
If the drilling proves to be successful and further financial means are available to the oil company, Zion plans to drill multiple other wells on its land that have a good chance of possessing the perfect geologic features to house an active petroleum system. Overall, Zion Oil and Gas is a perfect example of how Texas companies can actively engage in the energy business with and in Israel.
Sources: Official Press Release from the Company’s Website: https://www.zionoil.com/updates/drilling-begins-zion-oil-gas-spuds-megiddo-jezreel-1-well/ License Extension Info.: http://www.reuters.com/article/idUSFWN1DV0IV