MAJOR DEVELOPMENT -Discovery of Oil in ISRAEL Ten Times Larger than World Averag
Discovery of oil in ISRAEL means the Jewish state could soon produce ‘significant quantities’ of ‘black gold’… and potentially change the face of the Middle East.
Vast oil reserves have been discovered in Israel that could transform the country into world energy power and change the face of the Middle East for years to come.
Afek Oil and Gas, an Israeli subsidiary of the U.S. company Genie Energy, said the breakthrough came in the Golan Heights, near the border with Syria.
Yuval Bartov, the firm’s chief geologist, said there was ‘enormous excitement’ about the immense wealth it could bring to the Jewish state, which has long yearned for its own resource of 'black gold'.
Discovery of oil in ISRAEL means the Jewish state could soon produce 'significant quantities' of 'black gold'... and potentially change the face of the Middle East
Breakthrough made in the Golan Heights close to the border with Syria Layers of oil are thought to be ten times thicker than the global average Oil company is backed by Dick Cheney and media mogul Rupert Murdoch Experts say they won't know quantity or quality until they begin extracting.
Black gold: Oil drills belonging to Afek Oil and Gas, an Israeli subsidiary of the U.S. company Genie Energy, are seen on the Golan Heights. The firm has announced the discovery of vast amounts of oil in the area
Speaking to Paul Alster, an Israel-based journalist for Fox News, he said: 'It's a fantastic feeling.
'We are talking about a strata which is 350 metres thick and what is important is the thickness and the porosity.
'On average in the world, strata are 20-30 metres thick, so this is ten times as large as that, so we are talking about significant quantities.'
The main site lies close to the town of Katzrin, northeast of the Sea of Galilee.
Genie Energy, which is backed by former U.S. vice president Dick Cheney and media mogul Rupert Murdoch, previously said it wanted to secure energy independence for Israel, a country that has never had a serious oil find despite years of exploration.
However, experts say they can't sure how much oil is there – or what the quality will be like – until they begin extracting it, a process they warn could be some way off.
The main site lies close to the town of Katzrin in the Golan Heights, northeast of the Sea of Galilee
Potential target: The oil field's close proximity to the border with Syria – where fierce fighting rages between President Assad's forces, rebel groups and the Islamic State alongside U.S and Russian airstrikes – also poses security and logistical problems that may hamper production.
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The site's close proximity to the border with Syria – where fierce fighting rages between President Assad's forces, rebel groups and the Islamic State alongside ongoing U.S and Russian airstrikes – also poses security and logistical problems that may hamper production.
Last October, it was reported that Genie planned to drill 10 exploratory wells over three years in the Golan Heights at a cost of $25-$30million.
The firm initially received a licence to drill in 23 April 2013 in an area spanning around a third of the Golan Heights – nearly 100,000 acres.
But a series of appeals by environmental groups including Greenpeace delayed the exploration.
The plan eventually received government approval in October last year and drilling finally began in December after a court-imposed injunction was lifted.
Speaking last year, Geoffrey Rochwarger, head of Genie's operations in Israel, said: 'If we can prove the resource, we believe that this becomes a project of national significance, and that the government will do what it can to protect its rights to this resource.'
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