Last month Afek Oil announced a discovery of potentially billions of barrels of oil in the Golan Heights. The oil estimated to lie underground within Afek’s exploration license area could supply Israel for decades or more. Israel currently consumes 270,000 barrels of oil per day. If billions of barrels lie underground in the Golan, and if Israel is successful in producing even a fraction of the reserves above ground, Israel could easily be oil independent.
Afek Oil and Gas chief geologist Dr. Yuval Bartov told Israel’s Channel 2 News, “We are talking about a strata which is 350 meters thick and what is important is the thickness and the porosity. On average in the world strata are 20-30 meters thick, so this is ten times as large as that, so we are talking about significant quantities. The important thing is to know the oil is in the rock and that’s what we now know.” (Globes www.globes-online.com – October 7, 2015)
The cost of extracting the oil will be expensive and the quality of the oil is uncertain. Today’s oil prices are low, so extracting Golan Heights oil could cost more than the selling price. Afek Oil is currently operating under an “exploratory” license, which means production can be some time away. The company must also deal with Israeli environmentalists opposing production drilling and the fact that the Golan Heights is “occupied territory” taken from the Syria during the 1967 war. So seeing production for Afek’s find is most likely not an immediate event.
When readers ask me, “When will this last days oil discovery in Israel happen?” I have to tell them that it already has happened, several times, both onshore and offshore. The Afek discovery is just the latest example of this.
When will the oil discovered actually be produced in a way that comes to the aid of the nation and people of Israel? My personal opinion is, when they need it most. More than 3600 years ago Jacob blessed his sons will the promise of a great oil discovery “in the last days” (Genesis 49) . We’re living out that prophecy’s fulfillment today, but it’s may not be fully realized for some time to come – when Israel needs it most. Stay faithful and the prophecy unfolds in full.