Oil field discovered off Tel Aviv coast

An oil and natural gas field was discovered off the coast of Tel Aviv.

The Gabriella and Yitzhak fields were discovered in shallow water 15 miles northwest of Tel Aviv, Globes reported, citing the Adira Energy Corp. Adira is working on the project in conjunction with Modiin Energy.

The announcement came after the conclusion of a 3-D seismic survey, which estimates that the two fields combined have about 232.2 million barrels of oil and 1.8 trillion cubic feet of natural gas, according to Globes.

Drilling is expected to begin at the end of the year. — jta