Moniz argues that Israel's offshore natural gas fields, potentially the largest in the Mediterranean Sea, could boost energy trade in the region.
"First and foremost there is a very clear economic and energy security benefit. Europe could diversify away from Russian fuel, while Israel could boost gas exports to its Arab neighbors," he said.
Moniz hopes that Israel can resolve domestic challenges blocking development of its Mediterranean gas field. This is one of the largest fields in the Mediterranean Sea shelf, which is called Leviathan. According to the estimates of the U.S. Geological Survey, the gas reserves here make some 3.5 trillion cubic meters of fuel.
Israel's development of the $20 billion Leviathan gas field faces delays following a decision last month by the country's highest court blocking the government's proposal on the development of the field and expansion of exports.