Black Gold in the Golan? (The Economist)

 The Economist, a prominent business magazine, recently published an important article concerning the recent oil discovery on the Golan Heights in Israel:

Black Gold Under The Golan

Geologists in Israel think they have found oil – in very tricky territory.

A RIG carrying out exploratory drilling is hardly a rare sight in the Middle East; but this is no ordinary place. Israeli flags fly on it, though no other country in the world recognises Israel’s sovereignty over the area. A few miles to the east, jihadist rebel groups are fighting a bloody war. And few people ever expected that significant amounts of oil might lie there at all, under a dormant volcanic field. Welcome to the Golan Heights.

Israeli and American oilmen believe they have discovered a bonanza in this most inconvenient of sites. After three test-drillings, Yuval Bartov, the chief geologist of Genie Oil & Gas, a subsidiary of American-based Genie Energy, says his company thinks it has found an oil reservoir “with the potential of billions of barrels”.

Veterans of Israel’s energy sector are sceptical. Despite many optimistic starts…

Read the entire article HERE.