A Christian-owned company exploring for oil in Israel plans to expand its drilling operations through a partnership that includes the purchase of a 2,000-horsepower drilling rig.

In a deal announced this week, Zion Oil & Gas will form a subsidiary tentatively called Zion Drilling Inc. through a partnership with Aladdin Middle East Ltd. (AME). The arrangement includes the purchase of $7 million from AME and a series of $1 million payments that are expected to coincide with Zion’s drilling of seven additional wells in Israel.

AME will be responsible for the drilling, but Zion Oil & Gas will have 51 percent ownership of Zion Drilling and AME will have 49 percent ownership.

Zion Oil & Gas, based in Delaware, holds two petroleum exploration licenses and explores for oil and gas in areas located on-shore between Haifa and Tel Aviv. AME, incorporated in 1962, has drilled more than 130 exploration and development wells in Turkey and Egypt for oil companies such as Exxon, Mobil and Wintershall AG.

“We are looking forward to establish Zion Drilling Inc., as this will help us to drill as many wells as it takes, in order to recover the ‘treasures of the deep that lie beneath,'” said John Brown, founder and chairman of Zion Oil & Gas, referring to Deuteronomy 33:13-16, one of several biblical passages the company believes point to oil reserves in Israel.

Several companies, both Christian and Jewish, believe the Bible points to vast amounts of petroleum deposits in Israel that could enable the Jewish nation to become energy independent.

In December, an Israeli company, Givot Olam Oil Exploration, announced that it found “significant quantities” of oil at its drill site in Rosh Ha’Ayin, about 10 miles inland from the Tel Aviv coastline, though it was unknown whether the well contained a commercially viable amount of oil.

The previous year, Israel announced the finding of a rich natural gas field 55 miles west of the Haifa port. With initial estimates at $15 billion, the gas field could meet Israel’s natural gas demand for 15 years and reduce its dependence on imports.

Zion Oil & Gas found those discoveries encouraging, along with a recent U.S. Geological Survey (USGS) report that said there might be 1.7 billion barrels of recoverable undiscovered oil in the Levant Basin, an area within Zion’s exploration rights.

The Jerusalem Post reported that in 1979 a former chief geologist of Shell determined that Israel has a potential of up to 2 billion barrels of recoverable oil. But large foreign fuel companies won’t drill in Israel due to threat of a boycott by Arab oil-producing nations. A vast, confirmed oil reserve would likely attract to Israel more foreign oil companies that currently avoid the Jewish state.

“If they [Israel] become an oil producer tomorrow it would change the Middle East,” Brown told Charisma earlier this year. “It will bring an economic opportunity that will be unparalleled. … Israel has a unique place in history where God is going to do a lot for the Jewish people.”

CHARISMA NEWSLETTERS

Stay up-to-date with current issues, Christian teachings, entertainment news, videos & more.

The latest breaking Christian news you need to know about as soon as it happens.

Prophetic messages from respected leaders & news of how God is moving throughout the world. 


MORE FROM CHARISMA

Defining the Dangerous Good Movement of Spirit-Empowered Men

Defining the Dangerous Good Movement of Spirit-Empowered Men

Jesus told His disciples that men could belong to culture (the world) or belong to Him. He then proceeded to tell them He had “chosen” them out of culture and brought them intentionally into His community. He knew both communities were available to men and that each...

Kingdom Economics: Seek Wisdom, Knowledge and Understanding

Kingdom Economics: Seek Wisdom, Knowledge and Understanding

The BLS (Bureau of Labor Statistics) released the July consumer inflation report.  Consumer inflation moderated a little for July as higher prices for housing and food were offset by lower energy prices.  Consumer inflation was 8.5% compared to 9.1% in June and...

Abundantly Overtaken with the Blessings of God

Abundantly Overtaken with the Blessings of God

Our God loves to bless His children. In fact, this is one of the things that set the Israelites apart from all other people. The God of Israel loved His children and wanted to dwell among them and bless them. In return they were to worship Him out of a heart of...

Joyce Meyer: God Has More for You Than Meets the Eye

Joyce Meyer: God Has More for You Than Meets the Eye

Being a Christian and following God is a great adventure. It’s also challenging because, to people who don’t believe in Christ, we seem a bit odd in our way of thinking and doing things, like we’re upside down compared to how the world generally operates. But the...

Prophecy: The Josephs Are Stepping Into Their Suddenly

Prophecy: The Josephs Are Stepping Into Their Suddenly

“I have declared from the beginning the former things [which happened in times past to Israel]; they went forth from My mouth and I made them known; then suddenly I did them, and they came to pass [says the Lord]” (Isa. 48:3 AMPC). The promises that go forth from His...

Are Domestic Missions as Important as International Missions?

Are Domestic Missions as Important as International Missions?

Huntington, Indiana, is a small town that is witnessing a revival stirring within the youth. For 10 days, I was able to witness this firsthand by the opportunity to lead a trip to this town to serve with six other college girls. During this time, I saw how the Lord...

RECENT ARTICLES

Kenneth Copeland Ministries: 5 Things for Believers to Prosper in Tough Times

https://www.youtube.com/watch?v=yJteJcC2Fr8 The Bible teaches us that God is our source of provision, no questions whatsoever. But have you learned how to dip your bucket in the well of His supply?...
8 Ways You Can Attract God’s Full Attention

8 Ways You Can Attract God’s Full Attention

We all want God’s attention, right? The best way to get His attention is to give Him our full attention, and pay close attention to what attracts Him. There are certain attitudes and actions which attract God and others that repel Him. We want to create an atmosphere...

Could Judas Have Been Saved?

Could Judas Have Been Saved?

The answer is yes. If Judas would have simply repented to God, he could have been saved. The Bible tells us that everyone can be saved. Judas knew he had sinned but he didn’t bring it to God. A person can feel remorse within themselves, but not remorse for sinning...

Pin It on Pinterest

[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]