Well, think again:
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 is crucial, because the 1.5 billion barrels only refers to what exists--not to what is actually recoverable. That is what the September report is supposed to reveal. Estimates are that only 10% to 20% of that can actually be recovered.
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.
Still, 150 to 300 million barrels would be welcome too.
And we won't complain if it happens to be even more.
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