Isramco
| Limited Partnership | |
| Traded as | : ISRA.L |
| Industry | Oil and gas industry |
| Founded | 1989 |
| Founder | Joe Elmaliach, Armand Hammer |
| Headquarters | Petah Tikva, Israel |
|
Key people
|
Haim Tsuff, Chairman |
| Products | Natural gas |
| Revenue |
 ₪ 1,539 million (2015) |
|
₪ 1,043 million (2015) |
|
| Total assets |
₪ 5,905 million (2015) |
| Total equity |
₪ 3,140 million (2015) |
|
Number of employees
|
25 |
| Website | isramcousa |
Isramco Negev 2 LP (: ISRA.L) is a Limited Partnership that holds interests in oil and gas properties in Israel. The partnership shares are traded on the and have been a constituent of the TA-25 Index since January 2010. The partnership was founded by Isramco Inc. (NASDAQ: ISRL) and other parties in 1989.
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 Armand Hammer, named Isramco Inc., in which J.O.E.L. held 35%.
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 Limited Partnership to continue oil and gas exploration activities in Israel. These parties included J.O.E.L., Delek - The Israel Fuel Corporation Ltd., Naphtha Israel Petroleum Corporation Ltd. amongst others.
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.
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 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 , 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 general partner for the limited partnership, 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.
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Wikipedia