Israeli oil, gas targets spark flurry of drilling

Exploration companies report a flurry of drilling and drilling plans in and off Israel, which imports nearly all of its oil and gas. Discoveries so far have been primarily gas fields in the Mediterranean Sea off Israel and the Gaza Strip.Potential development of gas reserves off Gaza has attracted attention since Israel’s August withdrawal from Gaza settlements. BG Group PLC holds a license covering the entire area, and commercialization of the gas remains an open question. Click here to enlarge imagePreviously, Israeli Prime Minister Ariel Sharon resisted Israel’s direct purchases of Gaza gas for political reasons. Industry experts say Israel also has blocked Gaza gas export...

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