Oil in Israel: Top 10 Pivotal Facts
It is incredibly important why a domestic source of oil production on shore in Israel exists in the future. Here are the top 10 reasons we believe Israel needs Zion Oil & Gas, Inc. and other companies to find oil in Israel:
Oil in Israel: Top 10 Pivotal Facts
1. A domestic supply of oil in Israel is a vitally important resource to protect Israel’s strategic and financial security.
2. An Israeli fighter jet requires 40 barrels of oil for one flight.
3. Israel would be free from international pressure using oil imports as leverage if a sizable domestic source could be discovered.
4. Israel produces only a couple thousand barrels of oil a day, which means it relies on the global market for more than 99 percent of its consumption.
5. Over the past 25 years, significant fuel imports have come from Angola, Colombia, Mexico, Egypt, and Norway. In more recent times, the Israelis have turned to Russia, Kazakhstan, and some of the other -stans for the bulk of their oil. In 2015 – 2016, most of Israel’s oil is supplied from the volatile Kurdish region.
6. Israel has long sought a local source of oil, especially since the oil crisis of 1973. Having a nearby supplier would increase Israel’s energy security and reduce the cost of its imports.
7. Iran filled that need for a while: Starting in 1968, the Israelis used a pipe called the Trans-Israel Pipeline (TIPline) to import Iranian oil from the Red Sea. But the shah was overthrown in 1979, and Iran shut off the tap. (Recently, Israel let the Russians use the TIPline to pump oil in the opposite direction.)
8.The Israelis gained access to another local source when they took control of Egyptian oil fields in Sinai after the Six-Day War. When Israel agreed to return the fields in 1979, they wanted broad assurances about their access to oil imports. Recent events in Egypt have limited imports.
9. In the lead-up to the war in Iraq, there was some talk of restarting an abandoned pipeline that runs from Mosul, Iraq, to Haifa. In order for this to happen, Israel would need to somehow wrangle the support of the Syrians, since they control part of the route. The current civil war in Syria reinforces an already unlikely opportunity.
10. Israel’s proved reserves of oil are at 11.5 million barrels and its proved reserves of natural gas are at 10.1 trillion cubic feet (Tcf). While neither figure places Israel in the top-40 globally, these totals are significantly higher than they were a few years ago.
You know some other pivotal facts about oil in Israel? Please add them in the comments below.
The Zion Oil & Gas family (friends, investors and prayer partners) are currently making a huge difference toward the exploration for a domestic source of oil in Israel. We would love for you join our family!
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I know there is oil in Israel. Why would the Lord put all that oil all around Israel, but not in his Land. It will be found!!
We agree! Thank you for your support.
I agree with these 10 statements the thing that continues to baffle me is the reluctance of the Israel government to help with the exploration and drilling process not continue to impose restrictions and other roadblocks.
Thanks and we continue to support you effort.
Thanks Gary! It can be a “long (expensive) slog” but we trust God where we are limited.
Hasn’t Israeli oil supply been secured by fracking? Combine that with offshore production, Israel should have as much oil as Saudi Arabia has in its reserve.
Kobe, not yet. This has yet to begin with any real measure. There is some talk of it and desire by some, but this is a long way away from taking place. Here is an article that discusses this more fully – http://oilprice.com/Energy/Crude-Oil/Israel-May-Hold-The-Worlds-Third-Largest-Reserve-Of-Shale-Oil.html