The oil regions of the Middle East are slated for a major upheaval. A recent discovery by an Israeli oil company found as much as 3.5 billion barrels of oil in Israel That, combined with natural gas reserves discovered off the country’s coast will change the power dynamics in the Middle East and around the world.
One news outlet points out that this discovery is a major game changer: ”If WEC’s estimates for Israel stand, the economic balance of power between the Jewish state and surrounding Muslim countries will shift dramatically.”
According to an Arab news site:
Israeli regime may soon be joining the club of oil-producers, as it plans to dig for oil in the West Bank. Shares in Givot Olam, an Israeli oil exploration company, rallied on reports that it had located much larger oil reserves at its Meged 5 site than previously estimated. MOREHERE
The discovery on the West Bank will create massive chaos in the region, as Israeli is already building protection walls around the drilling sites.
According to Palestinian officials, Israel has moved the course of its concrete and steel separation wall – claiming security – to provide Givot Olam with unfettered access to the site, between the Israeli town of Rosh Haayin and the Palestinian village of Rantis, Northwest of Ramallah, Al-Alam reported. MOREHERE
Just when you thought the stakes in the Middle East couldn’t get much higher, the whole picture just got a little more complicated. Israel may be in the process of becoming an oil producing nation.
In addition to large pools of natural gas off shore, it is possible that Israel is sitting on oil reserves equal to approximately 3.53 billion barrels which equates to an amount approximately equal to one seventh of Qatar’s proven reserves.