TEL AVIV, February 21 (RIA Novosti) – The Israeli government has issued the first license to explore for oil on the Golan Heights, the plateau in south-western Syria captured and annexed by Israel, the license holder Genie Energy said on Thursday.

The license allows Genie Energy’s Israeli subsidiary to conduct oil exploration on an area of almost 400 sq km (155 square miles) in the plateau's southern portion.

“The company believes, based on its preliminary analysis and interpretation of existing geological data, that the newly-issued license area may contain significant quantities of conventional oil and gas in relatively tight formations, the development of which would entail significantly different technical approaches and project timelines than the other projects,” Genie Energy said in a statement.

Genie Energy intends to conduct exploration to further investigate the size and quality of the oil resources in the new license area, Genie said.

Israel seized the Golan Heights from Syria in the 1967 Middle East war and annexed it in 1981 in a move not recognized internationally. Most of the Syrian Arab inhabitants fled the area during the conflict.

Israel’s economic projects on disputed territories have frequently sparked criticism from the international community.