Zerah Oil and Gas Exploration has announced that it is negotiating with refineries to sell oil discovered near the Dead Sea.
The Israeli firm owns half of an exploration group that found indications of oil while drilling in the arid region near the Dead Sea in January.
Israel's Maariv newspaper reports that Zerah was negotiating with Israel's largest refinery in Haifa for the sale of about 170 barrels of oil a day, or roughly 60,000 barrels a year.
Despite decades of exploration, Zerah's two sites near the Dead Sea would be just the second and third sites to produce oil in commercial quantities.
Delek Drilling and Avner Oil Exploration, both units of conglomerate Delek Group, hold the other half of the exploration group.
The Israeli firm owns half of an exploration group that found indications of oil while drilling in the arid region near the Dead Sea in January.
Israel's Maariv newspaper reports that Zerah was negotiating with Israel's largest refinery in Haifa for the sale of about 170 barrels of oil a day, or roughly 60,000 barrels a year.
Despite decades of exploration, Zerah's two sites near the Dead Sea would be just the second and third sites to produce oil in commercial quantities.
Delek Drilling and Avner Oil Exploration, both units of conglomerate Delek Group, hold the other half of the exploration group.
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