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In August 1995, Joe
Elmaliach sold his controlling stake in J.O.E.L. - Jerusalem Oil Exploration Ltd. and its subsidiaries, which in addition to Isramco Inc., included two former state-owned companies - Naphtha Israel Petroleum Corporation and Israel Oil Exploration Ltd. for $ 17 million to Pass-port
377:
In 1997 Isramco Inc.'s activities were expanded to the United States through the acquisition of several interests in oil and gas properties there. (In later years
Isramco Inc. activities focused exclusively on the USA, while Isramco Negev 2 partnership continued exploring for oil and gas in Israel).
411:
in waters 5,500 feet (1,700 m) deep. The first well, Tamar 1, was drilled to a depth of 16,076 feet (4,900 m). The deposits contained 8.3 trillion cubic feet (240 billion cubic metres) of natural gas. Production is expected to begin in 2012 and gas delivered to Israel via a
335:
Following the disbandment of the Negev 1 partnership in 1988, the
Isramco Negev 2 Partnership was formed by the same participants one year later, in 1989. The partnership initially held two exploration licenses - Negev Nirim and Negev Ashkelon in which two offshore wells (Yam 1 and Yam 2) were
359:
could clearly be seen from the Yam 2 well, off the
Israeli coast, and the price of partnership's units shot up by thousands of percent. But in February 1994, the partnership announced that the discovery was not economically viable and its share price crashed. Isramco was blamed for misleading
326:
The Negev 1 Partnership spent approximately $ 19.2 million for oil and gas exploration activities, including seismic exploration, and drilled two wells, both of which were dry holes. The Negev 1 Partnership had no revenues from its activities and its operations were terminated in 1988.
516:
In Aug 16, 2004, Isramco, Inc. restated its financial results for three quarters in 2003 to reflect its adoption of the
Statement of Financial Accounting Standards No.143 "Accounting for Asset Retirement Obligations". The restatements decreased net income for each quarter.
24:
348:, and Isramco Management (1988) Ltd., to act as the nominee holder of the limited partnership units held by public investors in Israel. During 1992 and 1993 the sale of Isramco Negev 2 Limited Partnership units to the public in Israel raised approximately $ 123 million.
396:. In 2001, BG conducted 3D seismic studies that indicated the significant potential of the Tamar and Dalit gas fields. However, exploratory drilling of these fields was delayed by the withdrawal of BG from the partnership in 2005 and was only begun after
306:
In 1982, Jerusalem-born businessman Joseph
Elmaleh founded Jerusalem Oil Exploration, Ltd. (J.O.E.L.), a company engaged in exploration of oil and gas in Israel. The same year, Elmaleh formed a joint venture company with veteran oil tycoon
314:
From 1982 to 1985, Isramco Inc. drilled four wells onshore in Israel, but only approximately 9,000 Barrels were produced in total and none of the wells sustained commercial production. In 1985 Isramco and other parties formed the Negev 1
369:
Ltd, a company controlled at the time by Yuval Ran. During the subsequent months, control of Pass-port, J.O.E.L., Naptha, and other
Isramco-related companies was taken over by businessmen Haim Tsuff and Jackob (Koby) Maimon,.
336:
drilled and seismic and geological studies, both onshore and offshore, were conducted at a cost of $ 44.55 million. The financing for the exploration came from the sale of the limited partnership's units on the
768:
340:, which were mainly bought by small investors hoping for quick profit from the impending oil discoveries. Isramco created two additional companies: Isramco Oil and Gas Ltd., to act as the
415:
At the time of discovery, Tamar gas field was the largest organic find ever discovered in the under-explored area of the
Mediterranean Sea and the largest discovery in the history of
355:: Med Tel Aviv License, Med Yavne License, Med Ashdod License, Med Hadera License, and Med Hasharon License, covering additional vast areas from the initial licenses. The same year
270:
60:
1055:
1025:
802:
545:
526:
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During the next 10 years
Isramco Negev 2 partnership continued its offshore exploration activities in the eastern Mediterranean, with partners
824:
1040:
652:"Payment deferred - A $ 75,000 loan made to Ehud Olmert in 1993 by Israeli-American businessman Joe Elmaleh recently came to light"
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to a depth of 15,157 feet. The well was declared a dry hole. The total cost of the well was approximately $ 6.6 million.
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484:
793:
701:
466:
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In 1993, the
Isramco Negev 2 partnership participants were granted five new offshore exploration licenses in the
462:
817:
576:"Isramco chairman says oil program in Israel will continue despite loss of Dr. Armand Hammer's leadership"
381:
In 1998, Isramco drilled the Gevim 1 well located onshore approximately 2 kilometers south of the city of
747:
274:
810:
458:
447:
277:
that holds interests in oil and gas properties in Israel. The partnership shares are traded on the
423:
holds 15.63%; Avner Oil Exploration holds 15.63%; and Dor Gas Exploration holds the remaining 4%.
407:
verified the earlier expectations. The gas field is located roughly 50 miles (80 km) west of
451:
337:
278:
266:
56:
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investors and enthusiasm for investing in oil exploration in Israel faded away for many years.
855:
419:. Noble Energy operates Tamar with a 36% working interest; Isramco Negev 2 LP holds 28.75%;
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to continue oil and gas exploration activities in Israel. These parties included J.O.E.L.,
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8:
990:
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52:
875:
718:
651:
220:
965:
705:
498:
404:
341:
258:
686:
Isramco Negev 2 Limited Partnership FINANCIAL STATEMENTS AS AT DECEMBER 31, 2002
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960:
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885:
420:
34:
1034:
975:
910:
890:
860:
308:
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950:
905:
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637:"ISRAMCO, INC. CHAIRMAN SELLS INTEREST IN JERUSALEM OIL EXPLORATION, LTD"
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144:
110:
935:
600:
172:
980:
945:
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900:
393:
133:
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since January 2010. The partnership was founded by Isramco Inc. (
970:
722:
118:
841:
835:
382:
286:
48:
23:
880:
870:
408:
320:
196:
323:, Naphtha Israel Petroleum Corporation Ltd. amongst others.
719:"Tamar offshore field promises even more gas than expected"
670:"Isramco chairman Maimon heads abroad after resignation"
330:
699:
Haifa Gas Discovery Bumped to 5 Trillion Cubic Feet
311:, named Isramco Inc., in which J.O.E.L. held 35%.
1032:
601:"Isramco Inc · SEC 10KSB filling · For 12/31/98"
527:List of oil exploration and production companies
1056:Companies listed on the Tel Aviv Stock Exchange
818:
612:
610:
465:. Unsourced material may be challenged and
825:
811:
616:
22:
607:
485:Learn how and when to remove this message
426:
273:) is an American Israeli publicly traded
794:"Isramco, Inc. Restates 2003 Financials"
372:
321:Delek - The Israel Fuel Corporation Ltd.
617:Arlosoroff, Meirav (10 February 2004).
595:
593:
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1033:
744:"Noble Energy Inc Site, including map"
363:
806:
694:
692:
649:
619:"The lessons of stock market crashes"
403:In 2009, exploratory drilling of the
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463:adding citations to reliable sources
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331:Founding Isramco Negev 2 Partnership
281:and have been a constituent of the
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13:
689:
14:
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834:
511:
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400:joined the partnership in 2007.
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1041:Oil and gas companies of Israel
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708:Oil In Israel, 10 February 2009
639:. PRNewswire - August 28, 1995.
1051:Companies based in Petah Tikva
1046:Companies listed on the Nasdaq
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643:
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568:
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1:
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293:) and other parties in 1989.
1061:Companies in the TA-35 Index
7:
546:"Isramco - Company Profile"
520:
82:; 35 years ago
10:
1077:
1026:Isramco Negev 2 LP on TASE
840:Selected companies in the
771:. SubSeaIQ. Archived from
650:Weitz, Gidi (2008-07-17).
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275:master limited partnership
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338:Tel Aviv Stock Exchange
279:Tel Aviv Stock Exchange
427:Oil and gas properties
373:Subsequent activities
926:Israel Discount Bank
459:improve this section
71:Oil and gas industry
991:Tower Semiconductor
364:Change of ownership
346:limited partnership
317:Limited Partnership
244:Number of employees
18:
956:Ormat Technologies
921:Israel Corporation
704:2016-03-28 at the
412:sub-sea pipeline.
255:Isramco Negev 2 LP
17:Isramco Negev 2 LP
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1005:Economy of Israel
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552:. Archived from
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966:Paz Oil Company
941:Mizrahi Tefahot
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342:general partner
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234:3,140 million (
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210:5,905 million (
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186:1,043 million (
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162:1,539 million (
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98:Joe Elmaliach,
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582:. 28 Aug 1990.
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856:Airport City
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773:the original
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752:. Retrieved
748:the original
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727:. Retrieved
725:. 2009-08-12
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622:
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558:. Retrieved
554:the original
550:BusinessWeek
549:
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481:
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457:Please help
445:
417:Noble Energy
414:
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398:Noble Energy
387:
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313:
305:
254:
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221:Total equity
211:
197:Total assets
187:
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132:Haim Tsuff (
106:Headquarters
31:Company type
951:OPKO Health
906:Gazit-Globe
866:BAZAN Group
845:TA-35 Index
475:August 2018
390:Delek Group
302:Early years
283:TA-35 Index
145:Natural gas
111:Petah Tikva
1035:Categories
1003:See also:
779:2012-01-07
754:2012-01-07
729:2009-08-12
580:PRNewswire
533:References
357:gas flares
173:Net income
128:Key people
981:Shufersal
560:6 January
446:does not
43:Traded as
911:Hapoalim
901:Frutarom
702:Archived
521:See also
394:BG Group
344:for the
141:Products
134:chairman
117:Israel,
67:Industry
931:Isramco
876:Cellcom
769:"Tamar"
723:Haaretz
656:Haaretz
623:Haaretz
467:removed
452:sources
297:History
289::
269::
263:ישראמקו
151:Revenue
119:Houston
95:Founder
85: (
77:Founded
59::
51::
842:Israel
674:Globes
501:28.75%
383:Sderot
287:Nasdaq
271:ISRA.L
259:Hebrew
61:ISRA.L
49:Nasdaq
35:Public
936:Leumi
881:Delek
871:Bezeq
409:Haifa
986:Teva
961:Osem
946:NICE
896:FIBI
562:2012
450:any
448:cite
291:ISRL
267:TASE
236:2015
212:2015
188:2015
164:2015
87:1989
80:1989
57:TASE
53:ISRL
507:50%
461:by
1037::
721:.
691:^
672:.
654:.
621:.
609:^
588:^
578:.
548:.
265:)(
261::
248:25
115:,
826:e
819:t
812:v
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732:.
658:.
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603:.
564:.
488:)
482:(
477:)
473:(
469:.
455:.
257:(
238:)
232:₪
214:)
208:₪
190:)
184:₪
166:)
160:₪
136:)
113:,
89:)
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