"Our company has mapped over 250 billion barrels of recoverable oil in Israel and that’s a conservative estimate," stated Dr. Harold Vinegar, the chief scientist of Israel Energy Initiative Ltd. in Jerusalem. "To put that in perspective, Saudi Arabia has about 250 billion barrels of conventional oil reserves in the ground," he commented. Dr. Vinegar was the chief scientist of Royal Dutch Shell before moving to Israel. He spoke to Israel National Radio's Goldstein on Gelt with Douglas Goldstein about the possibility of Israel becoming an oil producing nation.
"What you’re not going to see in Israel is any of the major integrated oil companies coming here," Dr. Vinegar stated. "When you do a lot of business in the Arab world, it’s just not advisable for these companies to enter the Israeli market, but the smaller independent oil companies that aren’t doing business there are definitely interested and we’ve had a lot of interest in our company. "
For the full interview download the Goldstein on Gelt podcast by clicking here. /Radio/News.aspx/3825
Douglas Goldstein, CFP®, is the director of Profile Investment Services and the host of the Goldstein on Gelt podcast, an international investment show with a dynamic group of guests. These include Nobel Prize winners, best-selling authors, Israeli corporate chiefs, lawyers and accountants. Israeli business news and currency updates are featured as well. Goldstein on Gelt airs every Monday from 7:00 pm - 8:00 pm Israel time on Israel National Radio. For podcast archives click here: /Radio/Author.aspx/4334