'The scope of the deal is 112 billion shekels, of which 58 billion shekels will enter the state treasury.'

The additional exports are expected to generate an extra 100 million shekels in revenue annually.

The 2,000-megawatt cable appears to have supplanted the joint EastMed gas pipeline.

"A solution in Cyprus could be a game changer and make the prospect of Israeli export of natural gas to Turkey and even to Europe much more feasible," says an Israeli researcher.