• 11 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 13 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 15 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 16 hours Schlumberger Warns Of Moderating Investment In North America
  • 17 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 18 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 20 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 21 hours New Video Game Targets Oil Infrastructure
  • 23 hours Shell Restarts Bonny Light Exports
  • 24 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Trump Just Made Iran A Wildcard

Trump Just Made Iran A Wildcard

The impact of Trump’s decision…

OPEC Favors 9-Month Extension Of Production Cut Agreement

OPEC Favors 9-Month Extension Of Production Cut Agreement

According to Reuters sources, OPEC…

Major Shale Find Could Guarantee Israel’s Oil Supply For Years

Major Shale Find Could Guarantee Israel’s Oil Supply For Years

Energy geologists estimate that billions of barrels of crude oil are available in shale in the occupied Golan Heights, but will Israel be able to get to it? If it can, the field could make the Jewish state self-sufficient in oil for years.

Afek Oil and Gas, a subsidiary of the U.S. company Genie Energy, had been drilling in the southern Golan Heights for more than a year, and in September announced the discovery of the shale deposit. But the size of the field wasn’t confirmed until Oct. 7.

In an interview with Israel’s Channel 2 News, the company’s chief geologist, Yuval Bartov, said, “We are talking about a strata which is 350 meters thick, and what is important is the thickness and the porosity.”

Related: Is Russia Plotting To Bring Down OPEC?

“On average in the world strata are 20-30 meters thick,” Bartov said, “so this is 10 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.”

So far, Afek has drilled three times into the Golan shale and reported finding huge reserves of crude that could easily meet Israel’s demand for fuel for a long time. The country now uses about 270,000 barrels of oil every day.

But exactly how much oil is trapped in the rock isn’t yet known. One unknown is whether extracting the crude would be profitable, given the relatively high cost of shale extraction, usually by hydraulic fracturing, or fracking, at a time when oil prices remain stubbornly low.

Related: Can The Panama Canal Fulfill Its Global LNG Promise?

Another hurdle is resistance from Israeli environmental groups. They and residents of the Golan Heights have strenuously opposed the exploratory drilling that’s already taken place, saying exploiting an oil field there could be harmful to regional wildlife and their habitat. As a result, any drilling is expected to face delays.

Further, most nations, including the United States, regard the Golan Heights as occupied territory, calling into question Israel’s right to exploit the region as if it were sovereign territory. Israel captured much of the Golan from Syria during the 1967 Six-Day War with its Arab neighbors. Damascus has consistently demanded that the territory be restored to Syrian control.

Israel is often perceived as an energy desert in the Middle East, a region of nations that have become rich on their huge oil and gas reserves. But in the past 15 years two gas fields, Tamar and Leviathan, have been discovered in the Mediterranean Sea off the Israeli coast and now are being tapped. They’re estimated to be among the largest such deposits in the world.

Related: Why Venezuela’s Petro-Aggression In Guyana Is Being Largely Ignored

Now, with the discovery in the Golan Heights, Israel may also be able to develop a thriving oil industry. Since the country was founded in 1948, energy companies have drilled more than 500 exploratory wells, but only a few have proved to be commercially successful.

The find has elated Afek’s Bartov. “There is enormous excitement,” he told Channel 2 News. “It’s a fantastic feeling. We came here thinking maybe yes or maybe no, and now things are really happening.”

By Andy Tully of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News