Isramco to Renew Search for Oil, Gas Near Ashdod

The Isramco energy exploration partnership is planning to renew its efforts to search for offshore gas and oil reservoirs. The plan calls for drillings some 20 kilometers offshore, at depths of 100 meters, under Isramco's Med Ashdod license.

The decision to renew exploration efforts follows a positive recommendation from an American consulting firm that studied geological surveys conducted in the target area. The planned drillings are expected to cost some $6-7 million.

Besides Isramco (30 percent), partners in the Med Ashdod license include MEE (15 percent), Delek Drillings (20 percent) and BG (35 percent).