Overview of oil and natural gas in the Eastern Mediterranean region - Hellenic Shipping News Worldwide

Posted - August 19, 2013 -  Hellenic Shipping News Worldwide

Of shore natural gas discoveries in the Levant Basin have the potential to significantly alter
energy supply dynamics in the eastern Mediterranean region, however several outstanding
issues—including armed conflict, territorial disputes, and macroeconomic uncertainty—could
limit the viability of those supplies in the short term.
The eastern Mediterranean region—defined in this report as Cyprus, Israel, Jordan,
Lebanon, Syria, and the Palestinian Territories—is currently undergoing changes to its
energy landscape. With expected economic growth, and the population of the region
forecast to grow from 45.3 million in 2010 to between 58 and 62 million in 2030
1, energy demand should increase noticeably over the next two decades. At present levels of
consumption, regional oil and natural gas reserves are unlikely to last for more than a few
decades. Fortunately, recent discoveries of large hydrocarbon resources—particularly
natural gas—in the offshore Levant Basin significantly alter the supply-side forecasts for the
region. These discoveries have the potential to provide the necessary energy supply to meet
growing regional demand and possibly even spur exports.
There are several issues facing the region that could significantly affect how quickly and
how successfully such changes occur. Among the major issues in the region, physical and
economic security as well as offshore hydrocarbon development will have the most
influence on the region's energy sector. Unrest in Syria and Egypt and territorial disputes
between several of the countries in the eastern Mediterranean will impact regional energy
production, consumption, and trade. Further, negative economic developments in the region
—influenced by issues such as the Cyprus debt crisis and the war in Syria—could
undermine demand, interrupt production and trade, and threaten the viability of several
energy infrastructure projects. Overcoming these challenges is critical to the success of the
region's energy future.
Complete 29 page report is to be  found at:
http://www.eia.gov/countries/analysisbriefs/Eastern_Mediterranean/eastern-mediterranean.pdf
Source: EIA


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