As an isolated nation in the Middle East, Israel has a need to be self-reliant when it comes to the country’s oil and natural gas needs. Isramco Negev 2 LP is one of the nation’s smaller oil and natural gas exploration and production companies. The company is publicly traded on the Tel Aviv Stock Exchange under the trading symbol of ISRA.L.
After the failure of Isramco Inc and its subsequent Negev 1 Limited Partnership in the mid 1980s, the partnership of Isramco Negev 2 LP was formed in 1989 for the purpose of exploring and drilling offshore properties in the areas of Negev Nirim and Negev Ashkelon. The partnership originally included entities such as J.O.E.L., Delek and Naphtha Israel Petroleum Corporation Ltd.
In order to raise funds for oil and natural gas exploration in the designated areas, small investment blocks of the partnership were sold. The company raised approximately $123 million, which played a large role in the company’s initial success. After being granted five new offshore exploration licenses in the Mediterranean Sea, Isramco Negev 2 LP believed it was on the way to becoming an established player in Israel’s natural gas industry. However, the new licenses bore no fruit, leaving investors upset about the company’s trajectory.
It wasn’t until a change is ownership in 1995 that the company finally found firm ground with which it could start exploring other properties inside Israel, as well as on an international basis in the U.S. Today, the company’s two primary natural gas fields are Orr (50%) and Tamar (29%).
Isramco Negev 2 LP has its headquarters in Petah Tikva, Israel. It has 25 employees, which are led by Haim Tsuff, Chairman. For the fiscal year ended in 2015, the company had ₪ 1,539 million in revenues, which led to a net income of ₪ 1,043 million. They had stated assets of ₪ 5,905 million and Shareholders’ Equity of ₪ 3,140 million.