American Firms Reported Favoring Large-scale Oil Prospecting in Israel
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American Firms Reported Favoring Large-scale Oil Prospecting in Israel

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One of two American oil firms interested in oil prospecting in Israel has sent a representative here, and officials of the second firm are due early in January, it was reported today. The visits developed from a recent trip to the United States by S. Malchi, head of the petroleum department of the Israel Development Ministry.

The Development Ministry has indicated it hopes to attract at least one major firm with sufficient means to do oil prospecting over a large area. The basis for this is provided by a recent re-division of Israel for license purposes, which makes possible allocation of larger areas for such prospecting. The possible prospecting areas, which have been relatively neglected, are mainly in northern Israel. One of the American firms is interested also in investment in Israeli chemical industries, Ministry officials said.

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