by Rodney Drinnen, International Correspondent

JERUSALEM, ISRAEL (Worthy News) -- Israel says it might have made the largest discovery of natural gas in its 61-year history, which could dramatically reduce its dependency on foreign imports.

In a statement, monitored by Worthy News Saturday, January 31, National Infrastructure Minister Binyamin Ben Eliezer said the Jewish state was "witnessing a historic moment in Israel's energy market."

Over three trillion cubic feet of gas at the Tamar site was discovered, just off the Israeli port of Haifa, according to U.S. based energy giant Noble Energy Inc., which led the exploration.

"If it turns out in a few weeks that the indicators received in recent days are true, then we are talking about the biggest find in Israel's history," explained Minister Eliezer.

Since Israel's  recognition in 1948,  its territory was already known for natural resources such as as timber, potash, copper ore, phosphate rock, magnesium bromide, clays, sand, and natural gas.

ENERGY IMPORTS

Yet, the latest discovery, could dramatically reduce the country's reliance on energy imports, Eliezer suggested, but he cautioned "this find didn’t resolve all of the country’s energy problems."

Currently Israel receives natural gas from neighboring Egypt under a 20-year deal made in 2005.

However, the latest discovery would likely meet Israel's natural gas demand for about 15 years and reduce its  dependence on gas imports from Egypt and, offshore, from Gaza, industry officials said.

"It could solve the country's gas problems for many years and generations to come. We now won't be dependent on others for gas, and we'll even be able to make exports," claimed Yitzhak Tshuva, who controls Delek Group, one of the participants in an Israeli consortium of energy firms.

The consortium involved in the project also comprise Delek Group's subsidiaries Delek Drilling and Avner Oil Exploration, Isramco Negev 2, Dor Gas Exploration, along with Noble Energy.

"SIGNIFICANT" PROJECT

Nobel Chief Executive Charles Davidson said the gas well was "one of the most significant prospects that we have ever tested and appears to be the largest discovery in the company's history."

The site is 90 kilometers (56 miles) offshore and over 1,600 meters (one mile) underwater. The well is reportedly covered by more than a mile of salt, according to experts.

The Chief Executive Officer of Israeli mutual fund firm Halman-Aldubi Group, Dan Halman, told The Jerusalem Post the project could mean a business "revolution which will have an impact on the Israeli economy for the coming generations."

However Halman agrees with Israeli government officials that "Big celebrations are still premature" as "the drilling is complicated and production possibilities are not yet completely clear."

In addition, he said, gas transportation is a much more complex and expensive process than oil transportation.

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