More Offshore Gas and Oil Found

A new oil and gas field has been found just 50 kilometers off the shores of Tel Aviv, Globes reported today.

Its estimated that the "Oz" field has between 93 to 607 million barrels of oil, and 2.5 trillion cubic feet (TCF) of gas. The Oz license covers a 400 square kilometer area.

The Leviathan field has 19 TCF of gas, and the Tamar has 9 TFC. Israel has found around 30 TCF of gas so far.

According to Israel's Ministry of National infrastructure, Energy and Water Resources, Israel consumes between 5-8 billion cubic meters (not feet) of gas per year.