It was founded on land belonging to the depopulated Palestinian village of Burayr.[2]
Economy
The Heletz oil field was the location of the first successful oil well in the country, with extraction beginning in 1955 resulting in much celebration. It remains the most economic oil field in Israel.
Recently Avenue Group, Inc. and Tomco Energy have restarted production from the Heletz oil field. The companies reported total production of over Шаблон:Convert of oil since June 11Шаблон:When. Three more wells are currentlyШаблон:When awaiting the delivery and installation of downhole pumps in preparation for their return to production. The companies have also retained the international consultant firm of TRACS International to study the oil and gas reserves underlying the Heletz field. Reserves are estimated at Шаблон:Convert of oil to as high as Шаблон:Convert.
Tomco Energy had its shares suspended on 11 February 2009 stating contractual difficulties relating to the financing of its Heletz oil field operations.
↑Place Names in Israel. A Compendium of Place Names in Israel compiled from various sources. Translated from Hebrew, Jerusalem 1962 (Israel Prime Minister’s Office. The Israeli Program for Scientific Translations) p.69