A group of investors from north America will operate in israerl oil an gas fields

A group of investors from the oil and gas drilling sector, incorporated under a Canadian company called Alberta-Texas Energy Ventures Inc., signed a partnership with Gevaot Olam, a partnership to develop and operate an offshore oil and gas drilling field in Israel.
Under the terms of the transaction, the company purchases from Givot Olam a 40% stake in the Meged field and invests $ 50 million to develop the field.
The Company will become the official operator of the field, subject to the approval of the Ministry of Energy's Commissioner for Petroleum Affairs.
The group of investors has been active for many years in the oil and gas sector worldwide and has already invested in Web technologies in Israel. This is the first time that it has entered the field of oil and gas drilling in Israel
Among the investors are Jewish families working for the stability of the State of Israel and regional development, including a professional and experienced international team from North America who will supervise a local team of geologists and managerial and professional knowledge personnel alike.
The group of investors is expanding its activities and is coming to Israel in order to enter the domestic oil market.
The company will purchase 40% of the holdings in the Meged field. The company will continue the production activity at the Meged 5 well, which has produced over one million barrels to date and will invest $ 50 million for the development of the Meged field as a whole for a period of three years. The company's goal is to reach four producing wells.
The Company's goal is to enter the field of land and oil drilling in Israel and to contribute its knowledge in this field. This investment will reduce Israel's dependence on the purchase of oil from abroad.