A recent report of an oil strike on the Golan Heights was confirmed as a huge find on Wednesday, according to Globes.
A year of intensive drilling conducted by Afek Oil and Gas has paid off, as estimates point toward the possibility of national energy self-sufficiency.
Afek chief geologist Dr. Yuval Bartov told the story in numbers:
“We are talking about a strata which is 1,050 feet thick, and what is important is the thickness and the porosity. On average in the world, strata are 60–90 feet 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.”
Potential production is in the billions of barrels. Israel consumes 270,000 barrels of oil per day.
Reports of the discovery of oil in the region several weeks ago told of undetermined quantities, and Afek was circumspect about how much they thought might be in the ground. Estimates regarding the cost of production and prices, which will depend on the difficulty of extraction, have yet to be made.
The government recently approved an Afek request for permission to do further drilling on the Golan, despite ongoing opposition from environmental groups. Measures that might be required to avoid environmental damage could also drive up the cost of production.
But such are the exigencies of energy development everywhere. In the meantime, Afek’s euphoric.
“There is enormous excitement,” exclaimed Bartok. “It’s a fantastic feeling. We came here thinking maybe yes or maybe no, and now things are really happening.”