Prime Minister Binyamin Netanyahu meeting with Noble Energy executives in the Prime Minister’s Office on April 3. (photo from IGPO via Ashernet)
About 20 years ago, natural gas was found off the Mediterranean coast of Israel. Conservative estimates put the reserve at more than 40 trillion cubic feet of natural gas. It was found by U.S. company Noble Energy, which has invested more than $6 billion to develop these natural resources. Israel, Cyprus, Greece and Italy are now considering how a pipeline could be built by 2025, and they have signed a memorandum of understanding that will see the world’s longest under-sea natural gas pipeline. At an estimated cost of about $7 billion, the privately financed pipeline will run for some 2,200 kilometres. Turkey has also indicated an interest in being connected to the pipeline in the future.