| Heletz oil field | |
|---|---|
  | |
| Country |  Israel |
| Region | Southern District |
| Location | Heletz |
| Offshore/onshore | Onshore |
| Coordinates | 31°34′11.1″N34°36′57.13″E / 31.569750°N 34.6158694°E |
| Operator | Avenue Energy |
| Field history | |
| Discovery | 1955 |
| Start of development | 1955 |
| Start of production | 1960 |
| Production | |
| Estimated oil in place | 12.9 million tonnes (~ 15.0×106 m3 or 94.4 million bbl) |
Heletz oil field is an Israeli oil field discovered in 1955.
Heletz is one of the biggest on-shore oil fields in Israel. It began production in 1960 and produces oil. Its oil proven reserves are about 94.4 million barrels (15.01×106 m3). [1]
In October 1973, the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by King Faisal of Saudi Arabia, proclaimed an oil embargo targeted at nations that had supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States, though the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US$3 per barrel ($19/m3) to nearly $12 per barrel ($75/m3) globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock".
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