Previous governments headed by returning Prime Minister Benjamin Netanyahu promoted the development of natural gas fields in Israel's economic waters, to some opposition within the country. The incoming Netanyahu government is expected to resume these efforts.

Netanyahu knows that like Israel, Cyprus, Greece and Egypt are also searching for solutions for increasing energy exports to Europe, including expanding reserves and export capacities.

After the major discoveries of the Leviathan and Tamar gas reserves more than a decade ago, Netanyahu leveraged them into regional diplomatic moves, including creating a forum of gas-producing countries in the eastern Mediterranean. Once the government is formed, it is expected to look for ways to increase extraction from current gas fields, look for new reserves and increase export capacity.

Experts believe that there are still unexplored gas reserves in the eastern Mediterranean basin. Several Israel and international companies have recently signaled interest in exploring for natural gas off Israel’s shores following the Energy Ministry's Dec. 13 publication of a fourth tender for permits to search for natural gas in Israeli waters.