Israel should retain enough of its natural gas resources to satisfy its own needs for 25 years and producers can export the surplus, a government panel recommended on Thursday. Gas production is poised to soar in Israel after the discovery of two of the world's largest offshore reserves in recent years. Related stories: 'Natural gas market will promote regional stability' WBM gives Israeli biofuel firms warm welcome Wind energy industry gets policy boost The Tamar prospect off Israel's Mediterranean coast holds an estimated 250 billion cubic meters (bcm) of gas, while the nearly Leviathan well holds about 450 bcm. Tamar is set to come online in 2013 and Leviathan in 2017. As the quantity of gas is well above Israel's needs, the finds have raised hopes among exploration firms of a windfall from exports. A committee appointed by Prime Minister Benjamin Netanyahu in late 2011 estimated that Israel needs between 420 and 540 bcm of gas till 2040. "We have allocated about 400 bcm for the domestic market and we have allowed the excess capacity to be exported," Shaul Zemach, managing director of the Energy and Water Ministry, said. Zemach, who heads the committee, said 400 bcm should be enough for Israel's energy needs for 25 years. Any liquefied natural gas (LNG) terminal that would be built for export purposes would be controlled by the Israeli government, according to the recommendations. The panel recommended that wells with more than 200 bcm must keep at least 50% for the local market, while wells between 100 and 200 bcm need to hold 40% for Israeli needs. Small sites of 50-100 bcm only need a minimum of 25% percent. Final recommendations are due in June. Follow Ynetnews on Facebook and Twitter