The Washington Free Beacon is reporting today that Israel has announced the discovery of a major offshore gas field.

The article reports:

The new field, some 90 miles off Israel’s coast in the eastern Mediterranean, holds at least 3.2 trillion cubic feet (TCF) of gas, according to a 3D seismic survey. Two larger fields, discovered in 2009 and 2010, have combined reserves of at least 33 trillion cubic feet. These fields are expected to serve the bulk of Israel’s gas needs for the coming century. Experts say that further exploration will likely uncover other sizeable fields in Israel’s deep offshore waters.

The gas discoveries will have a major impact on Israel’s economy and perhaps even on its relations with Arab neighbors. Jordan, the Palestinian Authority, and Egypt are all in urgent need of energy supplies and Israel would be the natural supplier. Israel’s proximity would make the gas significantly cheaper than gas they could acquire from any other source.

This announcement comes at a time when oil prices are falling rapidly and OPEC is attempting to drive American oil out of the market by not curtailing production. This find guarantees Israel’s future energy and will be a definite boost to the Israeli economy.

The article concludes:

The sprouting of gas rigs in the waters off Israel’s coast also creates a major security problem. The sites constitute a potential target for missiles fired both by Hamas in the Gaza Strip and Hezbollah in Lebanon. Terrorist attacks in explosives-laden speedboats are another concern. The Israeli navy has been patrolling the gas fields. It recently asked Germany to sell it three missile boats to beef up security around the rigs. The boats’ missiles would be capable of intercepting incoming missiles.

However, both Hamas and Hezbollah have reasons to refrain from attacking Israel’s seemingly vulnerable offshore assets. For one, any such attack would undoubtedly induce a massive Israeli response. Beyond that element of deterrence, both Hamas and Lebanon have reason to believe that gas, perhaps even oil, lies off their shores as well and they would not want Israeli retaliation when they begin to mine their waters.

Israel is scheduled to begin exploratory drilling in 2015. Hopefully, they will be able to proceed without major security issues.