Huge oil discovery on Golan Heights
Estimates are that the amount of oil found will make Israel self sufficient
for very many years to come.
07/10/2015, 07:19 Globes correspondent
http://www.globes.co.il/en/article-huge-oil-discovery-on-golan-heights-1001071698

After more than a year of round-the-clock drilling, large amounts of oil
have been found on the Golan Heights. Estimates are that the amount of oil
discovered will make Israel self sufficient for very many years to come.

Afek Oil and Gas chief geologist Dr. Yuval Bartov told Channel 2 News, "We
are talking about a strata which is 350 meters thick and what is important
is the thickness and the porosity. On average in the world strata are 20-30
meters thick, so this is ten times as large as that, so we are talking about
significant quantities. The important thing is to know the oil is in the
rock and that's what we now know."

Three drillings have so far taken place in the southern Golan Heights which
have found large reserves of oil. Potential production is dramatic -
billions of barrels, which will easily provide all Israel's oil needs.
Israel consumes 270,000 barrels of oil per day.

Although the existence of the oil in the ground is a fact, the critical
phase now is to check how easily it can be extracted and whether it involves
high production costs. In a period of very low oil prices, extraction will
have to be relatively cheap to make exploitation of the field profitable.

Just as Israel's offshore Mediterranean gas discoveries have created an
entire energy industry, so the Golan oil find could also generate a new
industry around it. But while the gas has been found dozens of kilometers
from Israel, the Golan find is much closer.

The drilling on the Golan Heights has aroused fierce opposition from
environmental groups and local residents who fear irreversible damage to the
region's natural landscapes, flora and fauna. This is likely to make any
potential extraction from the ground and production a more protracted
process lasting very many years.

Above and beyond the bureaucratic and environmental problems of pushing
ahead with oil production, there are also the geopolitical considerations.
The international community considers the Golan Heights, which was captured
from Syria in 1967, as occupied territory and does not recognize Israeli
sovereignty over the region.

Bartov said, "There is enormous excitement. It's a fantastic feeling. We
came here thinking maybe yes or maybe no and now things are really
happening."

Published by Globes [online], Israel business news - www.globes-online.com -
on October 7, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015