Zion Oil and Gas receives approval to drill oil well in Israel

Zion Oil and Gas has received approval from the Israel’s Petroleum Commissioner to drill an oil well in the country.

Zion announced that the Petroleum Commissioner has validated the company’s drilling date and its licence extension request.

The company intends to secure Israel’s political and economic independence by exploring and producing oil and natural gas from its onshore fields.

According to the reports of Israel’s Ministry of Energy, the Levant Basin still holds nearly 6.6 billion barrels of oil. The study was conducted by independent research company Beicip-Franlab.

The company owns a 99,000-acre licence within the Levant Basin.

Zion CEO Victor Carrillo said: “We are ‘all hands on deck’ moving toward the goal of preparing the drill site for construction to move the drilling rig in to spud the well.

“We met with Petroleum Commissioner Yossi Wurzburger in Houston yesterday to personally express our appreciation for him understanding the unique challenges we face exploring for oil in Israel.”

Zion president Dustin Guinn said: “Our teams in Israel and the United States have remained focused with the purpose of aggressively moving forward with the project.

“Our project team, inclusive of operations, exploration, finance and accounting and administrative has diligently proceeded with the intent that, pending funding, we should easily meet the deadlines outlined by the Israeli Petroleum Commissioner.”

Headquartered in Texas, the Zion Oil and Gas company focuses on Israel.

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Image: (From left to right) Zion CEO Victor Carrillo, Israel’s Petroleum Commissioner Yossi Wurzburger, and Zion president Dustin Guinn. Photo: Courtesy of Zion Oil and Gas.