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Page added on October 7, 2015

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Israel Oil Discovery: Massive Reserve Could Meet Domestic Demand

Israel Oil Discovery: Massive Reserve Could Meet Domestic Demand thumbnail

A massive oil reserve has been discovered in the Golan Heights by an Israeli energy company, regional news outlets reported Wednesday. The find by Afek Oil and Gas, confirmed to be 10 times larger than the average oil field worldwide, could boost Israel’s relatively young oil industry and meet domestic energy demands.

“There is enormous excitement,” Yuval Bartov, the oil and gas chief geologist for Afek, told Channel 2 News, according to Globes. “It’s a fantastic feeling. We came here thinking maybe yes or maybe no and now things are really happening.”

Israeli oil companies were searching for oil around the clock, with little success until the latest discovery. It was first announced last month, but the size of the find was only confirmed recently. Afek Oil and Gas is a subsidiary of American company Genie Energy. Since Israel’s founding, companies have drilled 530 exploratory wells in search for oil, but few of them have turned up commercially viable product, The Times of Israel reported.

The recently discovered oil reserve was expected to provide billions of barrels of oil. However, given the current low price of oil, extraction will have to be inexpensive in order to make the field profitable.

Israel Overview | FindTheData

The reserve would bolster Israel’s oil industry. Noble Energy, an oil and gas exploration and production company based in Houston, announced the discovery of a gigantic natural gas field in the Mediterranean in 2010. Israel has since met much of its domestic needs and has also signed agreements to export its oil, including to neighboring Egypt.

The newly found reserve is not without controversy. Numerous environmental groups and residents of the Golan Heights are bitterly opposed to the drilling, expressing fears that it could damage the region’s landscape. When Afek first began exploration in the area late last year, environmentalists filed a petition against drilling that ultimately reached the High Court of Justice.

The international community considers the Golan Heights occupied territory, further complicating oil production. Much of the Golan Heights was captured from Syria during the war in 1967, and Israel’s sovereignty over the region remains contested.

IB Times



8 Comments on "Israel Oil Discovery: Massive Reserve Could Meet Domestic Demand"

  1. TIKIMAN on Wed, 7th Oct 2015 2:42 pm 

    So how big is the fucking find?

    Thought so.

  2. rockman on Wed, 7th Oct 2015 3:06 pm 

    “The find by Afek Oil and Gas, confirmed to be 10 times larger than the average oil field worldwide” Not sure what idiot posted this but if true it’s still not very impressive given that the AVERAGE OIL FIELD WORLDWIDE is measured in a few hundred thousand bbls AT BEST. There are some Super fields but hundreds of thousands of very small fields. And many of those proved to be non-commercial. But let’s hear from the company itself instead of what some fool at “IB Times” has to say:

    “Despite the company’s announcement, until actual production is attempted at the site, there is no way to know the size of the reservoir – or whether the reservoir is one that could produce oil in an economically viable way and what the quality of the oil is.

    From The Jerusalem Post on 7 Oct:

    The Afek Oil and Gas company has identified the presence of hydrocarbons at a second drilling site in its Golan Heights exploration project, parent firm Genie Energy Ltd. announced on Tuesday. Preliminary results from the company’s Ness-3 well are consistent with the previous findings at its Ness-5 project. Those initial analyses indicated the presence of hydrocarbons in the vertical drilling sections, according to a report from the New Jersey-based company.

    It stressed, however, that the volume of resources and how well they can be extracted remain to be determined, adding that the resources do not constitute proven or even possible reserves at this point. “The results are encouraging,” Afek Oil chief geologist Dr. Yuval Bartov said on Wednesday. “We are now continuing further analysis of the logging results from the two wells, and we are preparing to carry out trial production and the continued execution of the drilling program, in accordance with the program approved by the planning institutes – at the end of which we will publish the results and whether we have in our hands an Israeli commercial oil reservoir.”

  3. Plantagenet on Wed, 7th Oct 2015 3:38 pm 

    Israel already has discovered large NG reserves. Its not surprising that they would also find some oil.

    I looked at some other news sites, and the world “oil shale” came up in relation to this discovery. Does anyone know if this is a TOS deposit?

    Cheers!

  4. Bob Owens on Wed, 7th Oct 2015 5:18 pm 

    Israel should be going Solar in a big way. These oil find stories impede any progress in that direction (just like in the USA). These oil finds will just lead to more wars in that region.

  5. rockman on Wed, 7th Oct 2015 8:15 pm 

    plant – What I read the reference was to shale as a source rock and not a reservoir. If the shales in this region haven’t gone thru a specific temperature/pressure history there would not have been any oil generated. The vast majority in of shales around the world don’t have an oil generating geothermal history. That’s there any indication of oil generation in their wells that would be very good news. But that still wouldn’t mean they found much commercial oil. I got the impression that discovering an oil generation history was the exciting news and not a sense of a big reserve discovery.

  6. salt1 on Thu, 8th Oct 2015 9:22 pm 

    IMPERIAL ISRAEL –THE HIDDEN NEED TO FREE SYIANS FROM THEIR OIL

    Why don’t any of you chicken farmers say something like this. Something geopolitical. It is obvious that the jews would exterminate races for this oil.There record in this regard is exempletory.

  7. Davy on Fri, 9th Oct 2015 4:29 am 

    Salt, if you actually knew anything about Syria and its oil you would see it is not worth the conquest. Your brilliance might work with KSA. Who is the chicken farmer?

  8. In the middle on Fri, 9th Oct 2015 10:57 pm 

    “why don’t any of you chicken farmers say something like this.” Nobody says it because it sounds racist and bigoted. but now that didn’t stop you did it? there’s nothing, absolutely nothing geopolitical about that statement.

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