Politics, economics still stifle Eastern Mediterranean gas

The Levant Basin contains several gas fields that could have a big impact on local economies (source: macpixxel for GIS)
The Levant Basin contains several gas fields that could have a big impact on local economies (source: macpixxel for GIS)

Since 2009, international interest in the Eastern Mediterranean’s offshore oil and gas resources has followed a cycle from widespread excitement, to a stall in activity, to disappointment and back to excitement again. The Levant Basin has seen several discoveries that could have a big impact on domestic economies. However, unless circumstances locally, regionally and globally align favorably, the area will not fulfill its potential as a gas exporter.

The best known discoveries in the Eastern Mediterranean are Israel’s Tamar and Leviathan fields, discovered in 2009 and 2010, respectively. These were hailed as the two biggest gas discoveries of the last decade. Excitement in the region’...

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