An oil and gas exploration company and energy provider has begun drilling work on its first well in northern Israel.
Genie Energy Ltd subsidiary company, Afek, has spudded its first exploratory well in the Golan Heights region of the country, which they are expecting to drill to a depth of around 3,280 ft.
Chairman and chief executive officer of Genie Energy, Howard Jonas, said that studies show the area “may hold billions of barrels of oil”.
He said: “We are exploring an important potential natural resource that could lead to energy independence for Israel and provide a source of long term employment and prosperity.
“If our thesis is correct, our license area may hold billions of barrels of oil.”
Genie vice chairman – and chief executive officer of Afek – Geoff Rochwarger, said: “We have worked closely with the Northern District council and all relevant authorities and to develop an exploratory drilling program that is respectful of the environment and that addresses the concerns of local residents.
“We look forward to building on this cooperative approach in the months ahead.”
Afek were awarded an exclusive petroleum exploratory licence covering 246 miles in the south of Golan Heights in April 2013.
In July 2014, Isreal’s Northern District Committee for Planning and Building approved their application for a ten-well, three year programme of oil and gas exploration.
