Noble Energy Inc. along with Delek Group Ltd. and other explorers have discovered enough gas—760 billion cubic meters (28 trillion cubic feet), according to Noble data—under the Mediterranean Sea to supply Israel’s needs for 150 years. The find is significant since Israel has been energy dependent relying on imported energy since its foundation in 1948.
The discovery however is hampered by exportation challenges and security concerns.
The challenge for exportation comes from a land shortage and environmental opposition. A solution to this problem might be an offshore plant or pipelines that extend to nearby countries, but because of security concerns it isn’t that easy.
Without the ability to export the abundance of natural gas, Israel will miss out on potential improvement to its economy.
The Israeli government has set up a research committee to develop a blueprint for gas industry development due to be published this month.