Israeli company reports major oil find in Golan Heights

TEL AVIV -- An Israeli energy company has reported a major oil discovery in the Golan Heights.  

According to local media, Afek Oil and Gas has potentially discovered billions of barrels of oil in the disputed region, enough to make Israel self-sufficient for years, although it remains to be seen how much can be economically and technically extracted.

"We are talking about a strata which is 350 m thick and what is important is the thickness and the porosity,” Dr. Yuval Bartov, Afek Oil and Gas’ chief geologist, told Channel 2 News. “On average in the world strata are 20-30 m 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."

Afek started drilling in the region in December 2014. The company has completed two exploratory wells within its license area and begun drilling a third pursuant to a ten well exploratory program. 

Afek is a subsidiary of New Jersey-based Genie Energy.