The fifth well at Heletz, Israel’s first proved oil field, has hit into oil bearing sand strata, it was announced here today even as the fourth well brought in at Heletz was readied for production next week. A sixth drilling rig has been assembled on the field.
Thus far, the Heletz wells are producing oil at an annual rate of 50,000 tons and will save Israel considerable foreign currency. In addition, Treasury officials revealed today, 32,000 tons of fuel gas will be produced this year at the Haifa refinery as a by product of oil purification.
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