Isramco plans offshore Ashkelon exploration program

Reports in the Israeli media indicate the Isramco Group plans to explore for natural gas off the Israeli coast of Ashkelon near the Nir-1 and Nir-2 wells. According to the report published in the Haaretz paper, the firm will invest around US$10 million for the exploration program.

The Nir wells revealed reservoirs of natural gas but not in commercially viable quantities. It is understood the Isramco attempt aims to reach depths of up to 1,800 metres in geologically different strata than the ones at Nir.

According to the paper the firm would not comment on the report. Haaretz did state, however, Isramco must complete all exploration work by the end of the year as its license to explore the area expires in January 2005.