No oil found in promising well in Mediterranean

An Israeli oil drilling company said a promising offshore well in the Mediterranean Sea does not contain any oil.

On Oct. 13, Shemen Oil and Gas Resources Inc. said that after drilling to 18,700 feet under the sea at a cost of about $175 million, it found that the Yam 3 well was a dry hole.

In late August, the company said that preliminary tests of the well — located about 10 miles off the coast of Ashdod — showed it could contain up to 120 million barrels’ worth of oil.

Israel has made several large natural gas discoveries on the Mediterranean coast in recent years. — jta