Major reserve discovery confirmed in Golan Heights

10 Oct 2015   Israel

Genie Energy, a company with headquarters in the United States, confirmed it made a major discovery of oil and natural gas in the Golan Heights. The New Jersey-based company said data from exploratory wells drilling into the area confirm what it said were “significant” quantities of oil and natural gas. “We remain optimistic given the results to date,” Genie Chairman and Chief Executive Officer Howard Jonas said in a statement. “We are now working diligently to determine the production costs and total quantity of the resource.” The company’s Israeli subsidiary, Afek Oil and Gas, drilled into a column of reserves about 1,150 feet thick, about 10 times larger than the global average. Genie said it lacks evidence to determine if […]

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