1.5 Billion Barrels of Oil Discovered in Israel


by George Whitten, Worthy News’ Jerusalem Bureau Chief

JERUSALEM, ISRAEL (Worthy News)– An Israeli oil exploration company announced a potential oil field which holds 1.525 billion barrels worth of oil, Worthy News learned on August 18.

Givot Olam announced that production test drilling near Rosh Ha’Ayin at its Meged 5 site holds 1.525 billion barrels of oil according to a statement released by the company.  However, it didn’t provide further details about the test results such as the site’s daily production capacity, the production cost and whether the site is economically viable.

Experts said it was too early to view the report and refers to the oil in place, and not the amount of recoverable oil in the reserve.  The amount of recoverable oil will only be known when a final report is released in September.  According to the company’s report from May 2009, the amount of recoverable oil in the reserve is likely to be 10-20%.

“The more I read the announcement, the more amazed I am”, an energy sector analyst told Ha’aretz.  He further added, “It raises so many questions and we are not receiving answers as to the amount of extractable oil, which is the figure investors are waiting for from the tests.”

Despite the lack of details about the economic feasibility of the find, by early morning the media was full of headlines announcing the exploration’s possibilities.  Some commentators even began comparing Israel to Kuwait.

“This is a joyful and heart-warming discovery,” Amir Makov, the Chairman of Israel Institute of Petroleum told Ynet. He further added, “This discovery does not indicate the extraction capability, and the company will have to perform additional tests and drillings until we know what this means both in terms of the company’s commercial potential and in terms of the national potential.”

16
people are currently praying.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Latest Worthy News

Xi, Putin, Modi Unite Against West At Shanghai Summit; Erdogan Urges Ukraine Peace
Iran Arrests 53 Christians On Espionage Charges; Rights Groups Call It Persecution
Maduro Threatens Armed Resistance as U.S. Expands Naval Deployment in Caribbean
U.S. Approves $825 Million Missile Sale to Ukraine Amid Intensified Russian Strikes
Coast Guard Announces Largest Drug Seizure in U.S. History
U.S. Economy Grows at 3.3% Pace in Q2, Easing Inflation Strengthens Outlook
IDF Chief Vows to Continue Strikes “Across All Arenas” After Hamas, Houthi Leaders Killed
Trump Blasts India’s Trade Practices, Calls Zero-Tariff Offer ‘Too Late’ as U.S. Hikes Duties to 50%
Trump’s Immigration Policies Reshape Labor Market as 1.2 Million Fewer Immigrants in Workforce
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News