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10Oil and Gas Exploration in IsraelIsrael’s “Oil Rush”Israel is currently undergoing an oil and gas exploration boom.Recently, Israel has seen some of the world’s largest discoveriesof gas and oil. These new oil and gas discoveries havejumpstarted significant foreign investment into drilling andexploration rights. The most recent discovery in December 2010named Leviathan was the world’s largest discovery of natural gasin a decade. It is projected to have 19 trillion cubic feet of gas(540 billion cubic meters) of gas, enough to supply all of Europefor over a year. Many experts believe there could be more than 4billion barrels of crude oil below these natural gas deposits.Israel’s infrastructure minister called this discovery “the mostimportant energy news since the founding of the State of Israel.

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