Oil geologists drilling in the Ramallah region of the West Bank have indicated that they are about to tap a reservoir of oil estimated to contain seven billion barrels, 100 times Israel’s annual oil requirements. The news touched off a slight rise in oil shares on the Tel Aviv stock exchange. But investors with past experience of oil finds that failed to materialize are acting with caution.
The director of the oil exploration and investment department of the Treasury said today that plans are ready to develop the Ramallah site if positive results are achieved. He added, however, that it would take more than a year to raise the necessary money to start working the site.
Help ensure Jewish news remains accessible to all. Your donation to the Jewish Telegraphic Agency powers the trusted journalism that has connected Jewish communities worldwide for more than 100 years. With your help, JTA can continue to deliver vital news and insights. Donate today.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
