Israel’s domestic oil output, without reckoning on production from new wells, will save the country’s economy an estimated $4,000,000 in foreign exchange during 1957, it was reported today. Output of the Heletz wells, hither to kept down for technical reasons, is now being stepped up. The increased yield will make it practicable to ship the oil from the Heletz field to the Haifa refineries by rail instead of lorry, thus cutting the transportation costs by about one-third.
Meanwhile, it was disclosed here that oil has been struck at Heletz VI, which is to the east of wells now in production. This strike indicated that the Heletz field is wider than had been thought.
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