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1.5 billion barrels of oil discovered near Rosh Ha'Ayin

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  • 1.5 billion barrels of oil discovered near Rosh Ha'Ayin

    1.5 billion barrels of oil discovered near Rosh Ha'Ayin

    Israeli public must wait until September to see if country is sitting on profitable oil reserve, but statement to TASE gives peek into extent of Megged reserve. Question remains: How much of it is recoverable?

    Ynet writers
    Published: 08.17.10, 14:53 / Israel Business

    Could the State of Israel be sitting on an oil reserve that can provide energy, cash flow, and international political influence? This is the question that everyone is waiting to be answered in the engineering report ordered by Givot Olam Oil, overseeing the drilling at the Megged 5 site, next to Rosh Ha'Ayin.

    The final report will be submitted on September 5. However, a preliminary report was already issued to Tel Aviv Stock Exchange on the oil reserves on the site. "The amount of oil in place in Rosh Ha'Ayin plot is estimated at 1.525 billion barrels of oil." In previous reports, the quantity was appraised at only a few hundred barrels of oil a day.

    The total oil reserves in the world (as of 2006) is 1.3 trillion barrels, but most of this is concentrated in the territory of less than 15 countries. The oil reserves located in countries not considered powerhouses in the field totals about 133 billion barrels, making the estimated amount of oil in Megged 5 quite significant. In Qatar, for instance, the oil reserves are about 15 billion barrels.

    Yet it is still too early to view the report as bearing real economic (or political) tidings. The 1.5 billion barrel figure refers to the oil in place, and not to the amount of recoverable oil in the reserve. The amount of oil that can be successfully extracted will be made known only in the final report submitted in September.

    According to Givot Olam's reports from May 2009, the amount of recoverable oil in the reserve is likely 10-20%.

    "This is a joyful and heart-warming discovery," said Chairman of Israel Institute of Petroleum & Energy Amir Makov said to Ynet on Tuesday. "However, this discovery does not indicate the extraction capability, and the company will have to perform additional tests and drillings until we know what this means both in terms of the company's commercial potential and in terms of the national potential."
    How awesome would it be if we could tell the Arab world to bugger off, we've got our own shit now
    Meddle not in the affairs of dragons, for you are crunchy and taste good with ketchup.

    Abusing Yellow is meant to be a labor of love, not something you sell to the highest bidder.

  • #2
    I hear ya Bigross. Hoping for the best but if this pans out I expect some convoluted claim to be made.
    Removing a single turd from the cesspool doesn't make any difference.

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    • #3
      I was praying that wasn't in the West Bank when I looked it up on Mapquest. Here's hoping it lies east of the city and doesn't become a source of contention rather than strength!
      Where free unions and collective bargaining are forbidden, freedom is lost.
      ~Ronald Reagan

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      • #4
        Originally posted by bigross86 View Post
        How awesome would it be if we could tell the Arab world to bugger off, we've got our own shit now
        On a long-range that would be unnecessary.
        Waiting US-troops to invade Israel in the name of democracy and freedom.

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        • #5
          Yeah.... Sure thing.
          Meddle not in the affairs of dragons, for you are crunchy and taste good with ketchup.

          Abusing Yellow is meant to be a labor of love, not something you sell to the highest bidder.

          Comment


          • #6
            Democracy and Freedom is not enough to invade Israel.

            We should invade them because of the vuvuzela and that song, "Hava Nagila"!

            I swear I'm hearing that song in every reception I go to.....and they're not even Jewish!!!

            Edit: oh and also because of what grossie is doing to me on this board.
            Last edited by YellowFever; 27 Aug 10,, 22:52.

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            • #7
              Ummm, we had nothing to do with the Vuvuzela. A couple Israelis just spotted a good selling opportunity and jumped on it, but we're not the ones that created the problem. That would be the South Africans.

              Notice how there aren't many South Africans on the board?
              Meddle not in the affairs of dragons, for you are crunchy and taste good with ketchup.

              Abusing Yellow is meant to be a labor of love, not something you sell to the highest bidder.

              Comment


              • #8
                Originally posted by bigross86 View Post
                Ummm, we had nothing to do with the Vuvuzela. A couple Israelis just spotted a good selling opportunity and jumped on it, but we're not the ones that created the problem. That would be the South Africans.

                Notice how there aren't many South Africans on the board?
                Hmmmm....Ok, good point.

                We'll just have to justify the invasion of Israel on the "Hava Nagila" song alone.

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                • #9
                  Yellowbelly, don't ever give me ammo to use against you. Why would you make such a rookie mistake?

                  I cushioned the blow, at least it's a metal version...

                  Meddle not in the affairs of dragons, for you are crunchy and taste good with ketchup.

                  Abusing Yellow is meant to be a labor of love, not something you sell to the highest bidder.

                  Comment


                  • #10
                    Originally posted by bigross86 View Post
                    1.5 billion barrels of oil discovered near Rosh Ha'Ayin

                    How awesome would it be if we could tell the Arab world to bugger off, we've got our own shit now
                    Good news, but I hope Israel does not get the dutch disease because of this find

                    I think Israeli policy makers are astute enough not too get to economically complacent, but it is politically easy to get carried away
                    "Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God?" ~ Epicurus

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                    • #11
                      Recoverable would mean about 300 million barrels at 20% rate, that would in turn be probably between $20 to $30 billion, assuming oil prices hover between 66 to 100 dollars per barrel. Not much chance of a Dutch disease at those numbers, unless they extract all of it in a few years. Where exactly is Rosh Ha'Ayin in the Central District? The map on Wikipedia is not being helpful.

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                      • #12
                        About 15 miles or so as the crow flies from the outskirts of Tel Aviv
                        Meddle not in the affairs of dragons, for you are crunchy and taste good with ketchup.

                        Abusing Yellow is meant to be a labor of love, not something you sell to the highest bidder.

                        Comment

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