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1.5 Billion Barrels of Oil Discovered Near Rosh Ha’Ayin

August 19, 2010
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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,” Chairman of Israel Institute of Petroleum & Energy Amir Makov said to Ynet on Tuesday [August 17]. “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.”

Posted on August 19, 2010

Source: (By Ynet writers, Tani Goldstein and Avital Lahav contributed, Ynetnews, August 18, 2010)

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