Shemen Oil & Gas Sees $12.5 Billion Revenue From Israel Drilling
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Shemen Oil & Gas Resources Ltd., an Israeli explorer, expects to pump at least 125 million barrels of crude over 10 years from its first wells off the country’s Mediterranean coast.
Shemen is preparing to start drilling in August at a site 15 kilometers (9 miles) west of the port city of Ashdod, pending Defense Ministry approval, according to Chaim Lebovits, whose ACC International Holdings Ltd. is the company’s biggest shareholder. The wells may generate $12.5 billion or more in revenue based on an assumed oil price of $100 a barrel, he said.