The Energy Equation in the Eastern Mediterranean

Abstract

The energy resource potential and discoveries in the Eastern Mediterranean have attracted the attention of the global energy markets for a long time. Since the beginning of the 2000s, exploration, and drilling activities have continued to increase in the region. The discovered hydrocarbon resources are only a small part of the estimated potential, consequently, the actors in the Eastern Mediterranean have been focusing on increasing this quantity. On the other hand, the ongoing discussions related to Exclusive Economic Zones have delayed the seismic surveys, drilling operations, and production activities in some specific areas of the region. Moreover, transferring the discovered resources from the Eastern Mediterranean to the international markets is another issue that has not yet been resolved. Therefore, this study evaluates the general situation in the Eastern Mediterranean in terms of the potential of energy resources, discoveries, and transfer projects. In this context, this paper examines the geo-economic competition over the energy resources in the region.