Israel Found $8 Billion Natural Gas Deposit

Israelis have located a natural gas pocket off of the Mediterranean cost. Estimates put the market value of the deposit at roughly $8 billion. A partnership of Israeli companies found the reserve near the Tamar well. Israel has two major operations in the area, both the Tamar I and Tamar II sites are located off of the Haifa coast.

Gas production from the new site is expected to take place starting in 2012. Israel’s Noble, Delek, Isramco Negev, and Avner Oil Exploration share the major ownership of the find.

The Tamar gas find is expected to meet Israel’s full natural gas demand for 15 years.

Read more at Reuters.