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Israel Finds $240 Billion Gas Hoard Stranded by Politics: Energy

Israel, reliant on imported energy since the state’s foundation in 1948, now has more natural gas than it can handle.

Noble Energy Inc., Delek Group Ltd. and other explorers have discovered enough gas under the Mediterranean Sea to supply Israel’s needs for 150 years. To profit from the finds sooner, the companies want to export the gas by pipeline or ship. As the Ministry of Energy prepares to publish a blueprint for developing the fields later this month, officials say the country’s economy and security must come first and shipments abroad should be limited.