Givot Olam Resumes Drilling
According to an announcement on Givot Olam’s website, the company has resumed drilling their Meged #5 well, just south of Zion’s Joseph permit area. Givot Olam was the first oil exploration company to announce a major oil discovery in Northern Israel in 2004 with an estimated 1 billion barrels in place. How much of that 1 billion barrels they can extract, however, remains a question. Optimistic estimates from the company place ‘recoverable’ oil at up to 100 million barrels. Still, 100 million barrels at today’s price of $70 per barrel is a substantial find … if they can get it out of the ground.
Givot Olam’s founder, Tovia Luskin gives credit for his inspiration to explore for oil in Israel from a familiar source – The Bible.
“The blessings of your father excel the blessings of my ancestors and the bounty of the eternal hills. May they rest on the head of Joseph, on the crown of the prince of his brothers.” (Genesis 49:26)