Isramco Negev 2 LP (tase: ISRA.L) is an American Israeli publicly traded master limited partnership that holds interests in oil and gas properties in Israel. The partnership shares are traded on the Tel Aviv Stock Exchange and have been a constituent of the TA-35 Index since January 2010.[1] The partnership was founded by Isramco Inc. (nasdaq: ISRL) and other parties in 1989.
History
Early years
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%.[2]
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.,