Roll out Israel's oil barrels

This is a fascinating article on the current state of Israel’s oil production. While we think it was a mistake not to mention the efforts and exploration of Zion Oil & Gas, we do believe it is helpful for our “Zion Family” to be aware of the oil industry in Israel.

Here are a few highlights worth noting:

– The country, known for its academic prowess, technological expertise and entrepreneurs, is now making headlines with rumours of vast oil reserves beneath its natural gas fields.

– If oil is extracted, companies and the Israeli government are likely to reap billion dollar rewards.

– “Companies are still very much exploring the fields.”

– “No one can say for sure if Israel has large reserves of oil. Anyway, if we had, we are probably not allowed to say it.”

– “At present, Israel uses 300,000 barrels of oil each year — and more than 70 per cent of our oil is imported from Azerbaijan and Russia.

– “Reserves would decrease our dependency on foreign oil.”

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