The Belco Petroleum Corporation, and independent oil firm in New York, with oil and gas interests in the United States and Peru, will seek a license from the Israel Government for on-shore oil prospecting, it was announced here today by Nahum Shamir, Economic Minister for Israel.
Mr. Shamir said that an understanding on the project has been reached in conferences here between Belco and Israel, and that details are to be worked out in further talks in Israel.
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