JERUSALAM, ISRAEL (Worthy News) – Israel's discovery of the world’s second largest natural gas field is much larger than previously estimated, according to a new report obtained by Worthy News.
The Tamar Gas field, offshore from Haifa, is now worth $8 billion, nearly double previous estimates of local analysts, said a report prepared by Wood Mackenzie Research and Consulting.
Tamar is the second natural gas discovery over the past 18 months. Natural gas will be flowing into Israel by 2012, officials said.
Analysts say the natural gas field will have a huge impact on the economy of Israel and is expected to make the Jewish state more energy independent.
"The state of Israel will make over $5 billion in royalties and corporate taxes from the production of the gas at Tamar field alone," said Gal Reiter, an energy industry analyst at Clal Finance & Brokerage, a leading Tel Aviv investment bank.
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