Not oil. Gas gas gas is what Israel has offshore. Large reserves that are non-exploited. So Israel and Europe need to get to work drilling and building LNG export and import terminals.
BTW, under Putin arse kisser, East German communist born, saboteur Angela Merkel, Germany stopped building a mega-sized LNG import terminal. This was done under pressure from Germany's idiot Greenies. Also, to make Germany inextricably intertwined with Russian natural gas exports and Russian pipelines.
“This was done under pressure from Germany’s idiot Greenies.”
99.9% were/are Soviet/Russian controlled.