A Canadian-backed prospecting company began today a comprehensive geophysical survey of the continental shelf area off the Mediterranean coast of Israel in a hunt for new oil fields.
The survey, covering 1,200 square miles, was started by the Petrocana Company, which was organized for that purpose by the Sancana Company of Canada. The Petrocana firm has been granted exclusive licenses to search for oil in the Israeli Mediterranean offshore area and to develop what petroleum potential it may find. A recent report on Israel’s oil potential listed the offshore area and the coastal plain as the most promising.
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