The platform, which can been seen from the northern Gaza Strip on a clear day, is within range of rocket fire from the Gaza Strip.
Turkey halted flows on Iraq's northern oil export route about six months ago after an arbitration ruling by the International Chamber of Commerce.
After the first explosion, the fire spread to two fuel tanks and a nearby house, leading authorities to evacuate everyone within a radius of 700 meters.
"This step will expand the country's revenue and strengthen diplomatic ties between Israel and Egypt," Energy Minister Israel Katz said.
According to the ministry, the unregistered yacht was docked at the port with over 100 liters of diesel in the tank.
Lebanon hopes gas and oil discoveries will help it reverse a crippling economic crisis that has cost the local currency more than 98% of its value.
Israel's Environmental Protection Ministry calls on the government to complete the shift from coal to gas on time.
"It's like a war here," a witness said.
The price of gas will remain at NIS 6.85 per liter.
A combination of renewables, oil and gas, nuclear energy, carbon storage, hydrogen, and other sustainable energy sources is necessary to meet the world’s energy needs.