Hydrocarbon Exploration
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.
Read more about this topic: Golan Heights
Famous quotes containing the word exploration:
“For women who do not love us, as for the “disappeared”, knowing that we no longer have any hope does not prevent us form continuing to wait. We live on our guard, on watch; women whose son has gone asea on a dangerous exploration imagine at any minute, although it has long been certain that he has perished, that he will enter, miraculously saved, and healthy.”
—Marcel Proust (1871–1922)