East Med poised to develop gas reserves
Drilling campaigns and bid rounds are gathering pace, and even the long-discussed East Med pipeline may be back on the agenda as the region prepares to increase its gas exports to Europe
Interest is growing in the Eastern Mediterranean’s potential role in helping Europe wean itself off Russian gas. And while the region’s volatility remains a risk to new developments, mutual economic need could help draw governments into greater cooperation, particularly as hopes are high that a lucrative new discovery may be made any time now. There were six relatively small—but cumulatively significant—gas discoveries made offshore Israel, Egypt and Cyprus last year, with estimated new reserves totalling up to 289bn m³. Moreover, the US was able to broker a historic maritime border deal between Israel and Lebanon, which unlocked arrangements for the exploration of two promising areas near t

Also in this section
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats