Oil prospectors in Israel have invested more than 70, 000,000 pounds ($39, 200, 000) in their drillings for gas and oil in the last seven years, the Ministry of Development announced today, in making its latest evaluations of the search for fuels here.
Two oil fields have been discovered thus far–first in the Heletz region, latterly in the Negbah area, and one important natural gas field has been developed. According to the Ministry, the result is that Israel is expected to obtain from domestic fields more than a fourth of its total annual fuel requirements.
Domestic firms have, in recent years, increased their investments in prospecting activities, as foreign activities in this search for gas and oil have decreased, the Ministry’s figures showed.
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