Proven developed reserves of the Meged 5 oil discovery are double previous estimates, with the updated report showing it has 890,700 barrels of oil, Globes reported.
The proven, probable and possible reserves in two sections of Meged 5 are 3.35 millions of barrel, compared with a previous estimate of 2.15 million barrels.
Givat Olam, founder Meged 5, said it has sold $40 million worth of oil from one section of the Meged 5 well. It is located near Rosh HaAyin, five miles east of metropolitan Tel Aviv, and is adjacent to the security fence that runs along Judea and Samaria. The Palestinian Authority, of course, claims most of the oil well is theirs.
Givat Olam founder Tovia Luskin was attracted to the site by a verse in Devarim (Deuteronomy), the last book of the Torah.
Chapter 33, verse 15 speaks of “the choicest things of ‘Givat Olam’” [lasting hills].
Luskin proceeded to carry out exploration there after receiving a blessing from the Lubavitcher Rebbe. Two years ago, the company began using Shabbat clocks to avoid using labor for the faucets in the production system on the Sabbath.