A huge natural gas discovery 50 miles off the Israeli coast at Haifa could potentially meet Israel's energy needs for 20 years once it eventually comes online. In January 2009, a consortium led by U.S. energy exploration company Noble Energy announced the discovery of three massive gas fields, with one of the group's partners calling the find "one of the biggest in the world" that represented a "historic landmark in the economic dependence of Israel."
By February, the group announced that further flow testing analysis at the Tamar 1 field had increased the initial huge projection of 3.1 trillion cubic feet to 5 trillion cubic feet, with an ultimate production rate of 30 to 150 million cubic feet per day. One industry executive quoted by the Jerusalem Post said the find, if it lives up to its billing, represented "a revolution" that would impact the Israeli economy for generations, "[turning] Israel from a gas importer into a gas exporter." Another analyst put the estimated potential value of the find at $15.5 billion. ...
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