Source: The Jerusalem Post
Oct 05, 2006
Officials from Genco, a national company responsible for oil exploration in Israel, announced on Israeli television Wednesday that they had discovered oil near the Dead Sea.
They said that after drilling to a depth of about 1.2 miles, oil flowed freely from the tap for several minutes.
The company will now work to determine if the oil field is commercially viable.
Genco's work was stopped several years ago because of the high costs involved. But rising oil prices have caused Israel's government to welcome all efforts to find oil within the country's borders.