560,000,000 Invested in Oil Prospecting and Development in Israel

The reason for the relatively small oil findings in Israel is the absence of adequate geological research, Menahem Bader, Deputy Minister of Development, reported today to the Knesset Finance Committee.

He disclosed in his report that $60,000,000 has been invested so far in oil prospecting and development in Israel but only about $1,000,000 in basic research. He said that 20 of 51 drillings were successful but that all of the wells were in the same two fields.

Experts contend that there are considerable quantities of oil in Israel but that much nore must be invested in fundamental geological studies before drillings are undertaken, the deputy minister reported.

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