Zohr gas field in Egypt
Outlook 2024: Uncertain outlook for East Med
The geopolitical risks of the East Med could affect regional energy integration and global markets
The ongoing conflict in Gaza had an immediate impact on East Mediterranean gas supply and, if prolonged, could lead to a future of uncertainty around gas development plans and energy integration among regional players. Over the past few years, East Med gas has gained increasing momentum from the international community, following the discovery of the giant Zohr gas field offshore Egypt in 2015 and its fast-track development in less than 30 months. Zohr was a game-changer for Egypt as it helped the North African nation to stop importing LNG and turned it into a net gas exporter. Zohr was not the first gas discovery in this region, with the Tamar and Leviathan fields offshore Israel discovered
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Egypt’s government was already preparing for potential energy shortages this summer, and the loss of Israeli gas supply has made things worse
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Eni is joining the first phase of the 30mt/yr ARGLNG, while consortium behind the smaller Southern Energy LNG has reached FID
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Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
17 June 2025
Sound development planning is essential in this diverse and rapidly evolving region
