Commodities, Emerging Markets, Energy, Frontier Markets

Israel To Drill For Oil In Occupied Syrian Golan

By The Middle East Monitor

The Israeli-Syrian border on the Golan Heights.  Photo courtesy Moshe Shai/Flash90.

The Israeli-Syrian border on the Golan Heights. Photo courtesy Moshe Shai/Flash90.

Israel has approved an exploratory oil drilling programme in the occupied Syrian Golan Heights, at a time when the unrest in Syria has meant that no party is fully in control of the region.

Israel’s Makor Rishon newspaper yesterday revealed that recent explorations in the region exposed a high probability of oil reserves being present in the area.

The paper pointed out that a group of senior legal advisors in Israel issued a report asserting that, according to international law, Israel may exploit the natural resources in the Golan region.

Israel imposed its sovereignty over the Golan Heights a decade ago because of the region’s strategic importance.

The paper noted that the only obstacle that would prevent the drilling operations is an objection filed by environmentalists and campaigners in Israel. However, yesterday the High Court of Justice threw out a petition from environmentalist group Adam Teva V’Din to stop the oil exploration.

The appeal was thrown out because the current approval from the Planning Committee is for exploratory drilling only, not for commercial production.

The newspaper said Afek Oil and Gas, the company which is due to take over drilling operations, is owned by former minister Effie Eitam, a religious leader in the ruling Likud party who lives in Katzrin settlement in the occupied Golan Heights.

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