Oz license area off the coast of Tel Aviv thought to be rich in oil and gas. JERUSALEM, April 28 (UPI) — While less than the Tamar and Leviathan prospects off the Israeli coast, the Oz license area may hold significant deposits of oil and gas, a study finds. Sewell & Associates, a Dutch oil and gas consulting company, finds the Oz license area, about 30 miles off the coast of Tel Aviv, may hold more than 1.1 trillion cubic feet of natural gas and 93 million barrels of oil. Roni Halman, chairman of Oz license partner Israel Opportunity, said Saturday the estimates beat early expectations. “The Levant basin is rich with gas, and we believe also in oil, which has a huge potential,” he said . Though considerable, Oz holds less than the giant Leviathan and Tamar basins off the Israeli coast. Production at Tamar began last year. […]