At a conference on “Israel and the Natural Gas: Exploration, Production and Utilization,” held at the Hebrew University of Jerusalem’s Institute of Earth Sciences on Sunday, leading energy firms were arguing in favour of the future export of both liquefied natural gas from the Leviathan basin and oil extracted from shale in the central Israel Shefela rock basin. Global demand for liquefied natural gas is expected to double in the next 20 years.
Ideally a pipeline connection directly to Greece would be maximally beneficial for exports, but in terms of current feasibility a pipeline to a future LNG plant in Cyprus is the only available geopolitical option (the Leviathan field is only 200 kilometers away from Vasilikos, Cyprus).
The extraction of oil from shale is more controversial. While its supporters claim that it is not environmentally detrimental, the process has many critics within the green lobby.
Source, “Energy leaders advocate export plan for gas, oil” by Sharon Udasin, Jerusalem Post, 22 May 2011