TEL AVIV (Jan. 27)
Oil geologists drilling in the Ramallah region of the West Bank have indicated that they are about to tap a reservoir of oil estimated to contain seven billion barrels, 100 times Israel’s annual oil requirements. The news touched off a slight rise in oil shares on the Tel Aviv stock exchange. But investors with past experience of oil finds that failed to materialize are acting with caution.
The director of the oil exploration and investment department of the Treasury said today that plans are ready to develop the Ramallah site if positive results are achieved. He added, however, that it would take more than a year to raise the necessary money to start working the site.