Project Profile
Value: Undisclosed
Location: Kfar Sava and Rosh Ha\'Ayin, Israel
Start-up Year: 2010
Reserves: 1,525 million barrels
Area: 200 sq km
The Meged oil field is a Israeli oil field that was discovered in 2004. It is one of the biggest on-shore oil fields in Israel. It began production in 2010 and produces oil. Its oil proven reserves are about 1,525 million barrels (242.5×106 m3). The Meged oil field is located near the towns of Kfar Sava and Rosh Ha\'Ayin in Israel. It is situated close to the southern tip of the Palmyra rift system, a geological formation that extends across Syria to the northeast.
The field spans 200 square kilometres. In 2000, after earlier having found significant quantities of natural gas at the Meged 3 prospect, there was a halt of drilling operations there on account of a technical failure. When the technical failure was resolved and drilling operations resumed, Meged 3 was abandoned as the natural gas was not available in commercial quantities. In 2009 the partnership found indications of significant quantities of oil at its Meged 5 site. In mid-2011, Meged 5 was producing oil at a rate of 800 barrels a day. In early January 2012, the state rejected the company\'s proposal to drill at Meged wells 6, 7 and 8.
In 2010, Givot Olam sold 240 barrels of oil obtained from Meged 5 to Oil Refineries Ltd (BAZAN), an Israeli oil refining company. An agreement signed between Givot Olam and Natural Gas for Israel Ltd. (GTL) in March 2012 stipulated that the former would supply natural gas to GTL from the Meged 5 well for a period of three years in exchange for US$4.4 million, beginning in 2013.
Operator:
Givot Olam Oil Ltd: Operator with 100% interest
Contractor:
Drilling: SC Dafora