Israel-focused Genie Energy is launching an onshore drilling services subsidiary with the purchase of a rig and associated equipment from an unnamed buyer.
The new venture, Atid Drilling, will offer services in various fields including oil and gas exploration and water resource development.
Atid has negotiated a binding memorandum of understanding to buy the rig for an undisclosed amount .
The rig has successfully drilled five exploration oil and gas wells in the Golan Heights over the past two years and recently completed a water well, Genie said.
