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