“Significant quantities” of oil have been discovered in the Golan Heights, the Israeli company Afek Oil and Gas announced today. The company estimates that the deposits could contain billions of barrels worth of oil—enough for Israel to become self-sufficient in its oil needs.

“We are talking about a strata which is 350 meters thick, and what is important is the thickness and the porosity,” Afek Oil and Gas chief geologist Dr. Yuval Bartov told Channel 2. “On average in the world, strata are 20-30 meters thick, so this is ten times as large as that, so we are talking about significant quantities. The important thing is to know the oil is in the rock and that’s what we now know.”

The company will now assess the cost-effectiveness of extracting the oil. Sinking global oil prices, environmental concerns, and the discovery of massive natural gas deposits in the Mediterranean Sea could all affect this process.

[Photo: Melanie Lidman / YouTube]