It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Israel has authorized drilling for oil on the disputed Golan Heights, local media report. The first license has been awarded to the US-Israeli energy company Genie (GNE).
The process of granting the license began following geological tests, which indicated a large potential oil discovery in the southern Golan Heights – an area of thousands of hectares. The license covers half the area of the Golan from the latitude of Katzrin in the north to Tzemach in the south.
Media tycoon Rupert Murdoch, former US Vice-President Dick Cheney and banker Jacob Rothschild are among the shareholde
As a geopolitical region, the Golan Heights is the area captured and occupied by Israel from Syria in the Six-Day War, which subsequently effectively annexed the territory in 1981. This region includes the western two thirds of the geological Golan Heights, as well as the Israeli occupied part of Mount Hermon.
The Golan Heights was under Israeli military administration from 1967 to 1981. In 1981, Israel passed the Golan Heights Law, which applied Israeli "laws, jurisdiction and administration" to the Golan Heights. Although the law in effect annexed the territory to Israel, it was not formally annexed. The area was administered as part of Israel’s North District.
Israel's action was not recognised internationally and United Nations Security Council Resolution 242 which declared the Golan Heights an Israeli occupied territory continues to apply. Israel maintains that it may retain the area as the text of Resolution 242 calls for "safe and recognised boundaries free from threats or acts of force".
In the early 1990s, the Israel National Oil Company (INOC) was granted shaft-sinking permits in the Golan Heights. It estimated a recovery potential of two million barrels of oil, equivalent at the time to $24 million. During the Yitzhak Rabin administration (1992–1995), the permits were suspended as efforts were undertaken to restart peace negotiations between Israel and Syria. In 1996, Benjamin Netanyahu granted preliminary approval to INOC to proceed with oil exploration drilling in the Golan. INOC began undergoing a process of privatization in 1997, overseen by then-Director of the Government Companies Authority (GCA), Tzipi Livni. During this time, it was decided that INOC's drilling permits would be returned to the state. In 2012, National Infrastructure Minister Uzi Landau approved exploratory drilling for oil and natural gas in the Golan.
Originally posted by Carreau
To the winner go the spoils.
“Israel may have the third largest shale oil reserves in the world: something like 250 billion barrels. (The US is believed to have the equivalent of well over 1 trillion barrels of potentially recoverable shale, with China having perhaps one third of that amount. Canada may contain the equivalent of 2 trillion of barrels conventional oil, more than Saudi Arabia, Iraq and Iran combined.)”