Huge natural gas reserves discovered in Israel

A historic natural gas reservoir found offshore from Haifa is poised to meet Israel's natural gas demand for about 15 years.

The natural gas field, known as Tamar, was made by Delek Group and US oil operator Noble Energy Inc.

"If the Tamar site opposite the Haifa coast succeeds in producing the significant quantities of natural gas predicted, we are talking about a revolution which will have an impact on the Israeli economy for the coming generations," said Dan Halman, CEO of Halman-Aldubi Group. "The vast reservoir is poised to bring down electricity prices, reduce the country's dependence on gas from foreign countries, in particular from Egypt, and thereby turn Israel from a gas importer into a gas exporter."

Huge gas reserves discovered off Haifa

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