Jeruslalem - There are approximately 4.2 billion barrels of oil in deep sea deposits 120 km off the coast of Israel, according to the Israeli-American consortium Delek Group, which will begin exploration in October. According to Delek there is a 17% possibility of finding three billion barrels of oil at a depth of 5,800 meters and an 8% of finding another 1.2 billion barrels at 7,200 meters.