A IL 110 million oil exploration program for the next five years was endorsed last night by the Israel Petroleum Institute. Deputy Finance Minister, Dr. Zvi Dienstein, chairman of the Institute, made the announcement. The plan for the oil exploration, drawn up by a committee of geologists headed by Prof. Aviahu Ginzburg, calls for extensive oil drillings in the northern Sinai, mainly in the Pithat Rafiah region and along the north Sinai coast line.
Noting that the IL 110 million budget is similar to investments in oil prospecting in the past five years. Dr. Dienstein said that the next five years will see a planned activity in search of oil. Meanwhile, it was learned that the Netivei Neft Company which produces oil in the Sinai, produced 2.5 million tons of oil during the first half of this year. A report to this effect was published in the recent issue of Oil News published here.
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