Israel Grants Licenses to Canadians for Underwater Oil Drilling
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Israel Grants Licenses to Canadians for Underwater Oil Drilling

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Four licenses for underwater drilling of oil have been granted to a Canadian group which undertook to invest $4,000,000 in the venture over a four-year period, Development Minister Yosef Almogi announced here today. Mr. Almogi said the first experimental underwater oil drilling would probably be started in 1965 after all preliminary tests have been completed.

The Knesset, Israel’s Parliament, is currently debating an amendment to the Israel Oil Law on prospecting policy based on recommendations of a committee headed by former Chief of Staff Yigael Yadin. The most important changes included in the amendment are the abolition of the present division of the country into four “Prospecting Districts” and the removal of the limitation of three permits to one prospecting company.

The Committee has also recommended the establishment of an oil prospecting planning institute to conduct large-scale geological and geophysical research.

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