With the discovery of several world-class gas fields since 2009, the Eastern Mediterranean is fast developing into an emerging gas market on Europe’s doorstep; a gas hub in the making. Discoveries have already redefined regional relationships and will continue to be a catalyst for increased economic and political. Already, combining Egypt’s off shore gas discoveries with those off shore Cyprus and Israel, the Eastern Mediterranean is home to roughly 2 trillion cubic metres of gas but the region’s potential still remains largely untapped, under explored and under developed.
The East Med is set to become a focal point of the European Union’s (EU) energy security strategy. East Med gas resources can replenish declining domestic production of gas in the EU and become part of the evolving global LNG supply chain. The region’s potential and the advent of the Zhor discovery have led regional governments to announce new licensing rounds for off shore exploration and energy companies to consider multiple development options. However, the region is not without its complications that can have an impact on business.
According to EU projections:
“EU gas demand is estimated at around 380-450bcm per year.”
What Key Players Are Saying On East Med Gas Resources
Challenges Facing Businesses
We Can Help
As the potential for Eastern Mediterranean hydrocarbons turns from potential to reality, and interest in the development of these resources is set to increase, our Global East Med Team is well placed to advise your business on issues related to non-technical risk, public affairs & government relations, access to finance, stakeholder communication, and management of corporate reputation.
The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting LLP, its management, its subsidiaries, its affiliates, or its other professionals, members or employees.