There is that old complaint that says if Moses had only made a right turn after he led the Israelites across the Reed Sea, the Jews would have the Oil, the Arabs would have the desert and the world would be much better off.
Well that might be changing a bit. Last January a major supply of natural gas was found off the coast of Haifa, Israel’s major port city. Yesterday A significant quantity of oil was discovered near Rosh HaAyin, a city located east of Tel Aviv on the western edge of Samaria.
The Givat Olam (Hebrew for “Hill of the World”) Exploration Limited Partnership informed the Tel Aviv Stock Exchange of the discovery, but added, “At this stage it is not possible to estimate the significance of these findings.” The company’s stock more than doubled on the stock market, according to Globes.
The firm said the oil was found late Wednesday night and that “more than 60 percent gas was measured in the drill mud.” The commercial potential of the oil field will not be known until tests and calculations on production and processing can be completed.
The “Meged” well in the Rosh HaAyin area is one of the few that have been drilled outside of the Negev and Dead Sea area. Several studies by independent consultants have confirmed the potential for oil in the area, and previous drillings have encouraged the prospects of discovering enough oil and gas for commercial production.
Earlier this year, a huge gas field was discovered off the Mediterranean Coast. The gas is expected to be on line in three years and is anticipated to help Israel become self-sufficient in gas. It also is providing hundreds of high-paying jobs for developing the field and bringing the gas from the sea, off Hadera and Haifa, to the coastline.
If the Meged well proves commercially viable, it will further Israel’s longtime hope of being energy independent and is likely to strengthen the shekel against world currencies.
Thank Goodness that Israel is lead by Bibi Netanyahu, as opposed to Obama. Unlike the American Potus, Bibi allows his country to tap its own energy reserves.