"A number of natural gas fields have been discovered along Israel’s Mediterranean coastline over the past few years. Among them is the Leviathan energy field, which appears likely to hold enough gas to meet Israel’s needs for the next 60 years as the current demand projects....
The U.S. Geological Survey estimated this year that some 122 trillion cubic feet of undiscovered qne recoverable natural gas lie in the Levant Basin Province in the eastern Mediterranean region. This includes the coastal region near Israel and Lebanon which both have coastal energy fields.
Israel is considering construction of an underwater gas pipeline to export all natural gas to Europe and Greece." http://world.greekreporter.com/2010/09/01/israel-considers-underwater-gas-exports-to-greece
Russia/Gazprom may be interested in this pipeline:
"The Russians have got two bids in play for a slice of the as-yet untapped Mediterranean gas. While offering to partner Lebanon in exploring the oil and gas potential opposite its shores earlier this month, debkafile's sources report that the Russian energy giant Gazprom sent secret envoys to Tel Aviv at the same time. They came to discuss investment opportunities with the Israeli firms holding the concessions for the Tamar, Dalit and Leviathan Mediterranean gas fields off the Israeli shore and a possible partnership in Israel's Ashkelon-Eilat oil and gas pipelines.
According to our sources, Russian energy experts calculate that Israel's offshore gas reserves, currently estimated at about 25 trillion cubic feet, are in fact much bigger and maintain they could be better explored with Russian professional assistance....
Moscow is seeking to exploit the deepening strategic ties between Israel and Greece to jump aboard their plans to build an underwater gas pipeline linking Greece to the Israeli Mediterranean port of Ashkelon. This would link up with the existing Ashkelon oil and gas pipeline to Eilat, Israel's Red Sea port.
Russian energy strategists are eyeing the planned and existing segments of this route with great interest, having calculated that the quickest and cheapest outlet for marketing Russian gas to the Far East is through Eilat." http://www.debka.com/article/20457
These are not typical energy websites but there are plenty of other stories along the same lines.
Lots of NG everywhere, it looks like. For a country like Israel, profits will take a back seat to energy independence but you wonder about the profitability of long haul NG pipelines.