Israel may have struck gold - black gold, that is. A deposit containing close to a billion barrels may have been discovered at a site east of Kfar Saba, according to the fuel exploration company Givot Olam. The company announced yesterday that latest estimates of the Meged-4 oil well have exceeded original predictions, and that it contains an extremely valuable deposit of oil. The company's stock jumped 55% following the report.
Arutz-7's Ezra HaLevi reports that only about 20% of the reserve is extractable from its location some 4.5 kilometers below ground. The value of the oil at today's prices is approximately $46 billion, and could serve to supply Israel's oil needs for two years.
Givot Olam has reported striking oil in the past, but has not yet succeeded in producing it in commercial amounts. The company has been drilling in the area for some ten years, and feels confident that this time, it will be successful. So far, commercial oil fields have been found in Israel only in the Dead Sea region.
Arutz-7's Ezra HaLevi reports that only about 20% of the reserve is extractable from its location some 4.5 kilometers below ground. The value of the oil at today's prices is approximately $46 billion, and could serve to supply Israel's oil needs for two years.
Givot Olam has reported striking oil in the past, but has not yet succeeded in producing it in commercial amounts. The company has been drilling in the area for some ten years, and feels confident that this time, it will be successful. So far, commercial oil fields have been found in Israel only in the Dead Sea region.