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Israel OKs Exporting Natural Gas

June 26, 2013 By:
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Offshore Leviathan gas field

JERUSALEM — Israel’s Cabinet approved the export of about 40 percent of its recently discovered reserves of natural gas while keeping a 25-year supply for the country’s consumption.

Revenue from the exported gas is expected to be about $60 billion.

“We will lower the cost of living in the electricity sector via the gas that will flow into the Israeli economy, and we will invest in the public welfare thanks to the profits that will go into the state coffers from gas exports,” Prime Minister Benjamin Netanyahu said following the vote, which had three dissenters among the 22 Cabinet members.

Several large natural gas fields have been discovered in the Mediterranean Sea off the coast of Israel in recent years. There are projected to be about 950 billion cubic meters of gas in the natural gas fields.

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