(International Business Times) A massive oil reserve has been discovered in the Golan Heights by an Israeli energy company, regional news outlets reported Wednesday. The find by Afek Oil and Gas, confirmed to be 10 times larger than the average oil field worldwide, could boost Israel's relatively young oil industry and meet domestic energy demands.
"There is enormous excitement," Yuval Bartov, the oil and gas chief geologist for Afek, told Channel 2 News, according to Globes. "It's a fantastic feeling. We came here thinking maybe yes or maybe no and now things are really happening."
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Israeli oil companies were searching for oil around the clock, with little success until the latest discovery. It was first announced last month, but the size of the find was only confirmed recently. Afek Oil and Gas is a subsidiary of American company Genie Energy. Since Israel's founding, companies have drilled 530 exploratory wells in search for oil, but few of them have turned up commercially viable product, The Times of Israel reported.