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Christian Zionists Excited as Givot Olam Makes Yet Another Announcement of Israel Oil Find

Charisma reports:

In a preliminary report to the Tel Aviv Stock Exchange, Givot Olam Oil estimates there are 1.525 billion barrels of oil at its Rosh Ha’Ayin site, located about 10 miles inland from the Tel Aviv coastline.

…Christian supporters of Israel have long believed the Bible points to vast amounts of petroleum deposits in Israel. And some Bible prophecy teachers believe the final battle of Armageddon will stem from attacks against Israel over its oil resources.

Joel Rosenberg is among those who have declared the announcement to be the fulfillment of Bible prophecy.

But Givat Olam’s report is a bit of déjà vu. Back in 2004 the UK Observer reported that

In an announcement that could shift the power balance in the Middle East, it claims to have discovered a £3 billion oilfield in the centre of Israel. But Tovia Lushkin says his company, Givat Olam, needs £18 million to develop wells and extract the oil.

And in 1998, a Christian Zionist newsletter had this to say:

Bridges for peace: Clarence H. Wagner, Jr., International Dir. –

Jerusalem: 11 Dec 98 OIL EXPLORATION IN ISRAEL“The Givat Olam Oil Exploration Company redrilled a well near Rosh HaAyin to confirm the presence of oil in the area. A huge gas flame, more than seven meters high, shot from the well, confirming the presence of gas or oil.

“Tests will be done over the next few days to determine the quality of the gas or oil. In addition, Givat Olam is trying to raise NIS 60 million on the Tel Aviv stock market to finance the drilling of another well three kilometers away.”

Looks like a six-year cycle. According to another 2004 report, from the AP:

Israeli oil expert Amit Mor said the company had made claims of oil discoveries in the past that had not born fruit. “They have a credibility problem,” he said.

While Charisma ponders the apocalyptic significance of the most recent announcement, Haaretz focuses on some rather more down-to-earth issues:

…Yesterday’s developments left analysts divided, professionals angry and speculators giddy.

…This is not the first time Givot has issued partial and less than definitive information that has had a major impact on the partnership’s share price. This time, however, the securities authority intervened until more information was provided.

…[An energy sector analyst] said the fact that investors have to turn to details in a 2009 prospectus is an indication of the incompleteness of the report. “The [current] announcement has no significance”.

…A geophysicist in the field… called the most recent announcement “speculative” and said the 1.525 billion figure appeared “exaggerated.”

I previously blogged on Givot Olam in 2004, here.

Incidentally, whatever the oil situation in Israel turns out to be, the idea that the Bible contains special information on the subject is utter rubbish, and reflects obsessions in modern American religion rather than the Bible’s intended meaning or anything in historic Christianity. See my blog post here.

2 Responses

  1. There is plenty of people like these who sadly look more like Ponzi Scheme masters than genuine investment groups. Many Africans die only because of shady deals between African elites and people mainly from Australia and America.

    Their “seismic data” collection never ends in all cases. For some reasons, they are always attracted to places of violence wether in Sudan, Ethiopia, DRC or even Somalia.

  2. “ Whether you want to admit it or not “church going people” are an excellent target market for for scams.

    … they are easily manipulated and looking for answers from others instead of within themselves.

    Daughter turns mom in for Ponzi scheme
    http://today.msnbc.msn.com/id/36147685

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