(IsraelNN.com) An everlasting hope of finding significant amounts of oil in Israel may have been realized with the announcement Thursday that “significant quantities” of oil were found in a well in the area of 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
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.
Baruch atem b'Shem, Yeshua
3 comments:
Mid, I was ready to post this story earlier, but found you had already done that. You were probably only minutes ahead of me. :)
This is a huge story! If the oil field is significant, and if others exist within tiny Israel, her neighbors will certainly sit up and take action to claim it. Adding more fuel to the fire, so to speak, is the major gas field Israel recently discovered off the coast.
Hang on...this might get interesting!
Don
Other than economic advantages, what other benefits (or non-benefits) will Israel garner from this oil discovery?
Will it cause added danger?
This is sooo exciting! This will fulfill yet another prophesy concerning Israel in the last days: Ezekiel 38, among others, which say she will be come rich enough that those around her will come in the battle of Gog and Magog in order to take a "spoil"! It will also show the mercies of the Lord for His people...this will, in effect, make them self-sufficient and not dependent on the world, which is so intent on destroying them!
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