Helium is used in hospitals in MRI scanners as well as in spacecrafts, telescopes and radiation monitors.
Until now, the precious gas has been discovered only in small quantities during oil and gas drilling.
Using a new exploration approach, researchers found large quantities of helium within the Tanzanian East African Rift Valley.
They say resources in just one part of the Rift valley are enough to fill more than a million medical MRI scanners.
Professor Chris Ballentine, Department of Earth Sciences, University of Oxford, said: "This is a game changer for the future security of society`s helium needs and similar finds in the future may not be far away."
And colleague Dr Pete Barry added: `We can apply this same strategy to other parts of the world with a similar geological history to find new helium resources. "
Volcanic clue
The researchers say volcanic activity in the Rift releases helium buried in ancient rock, which then becomes trapped in shallower gas fields.
The amount of helium is estimated at more than 54 billion cubic feet - twice that of the world`s largest supplier in the US.
Helium is the second most abundant element in the Universe.
It is present in all stars and on Earth is formed by the slow and steady radioactive decay of terrestrial rock.
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