The large hydrocarbon deposits recently discovered in the Eastern Mediterranean are leading to a redrawing of the global energy map and developing into an apple of discord. Results of the research to date confirm natural gas deposits totaling more than 35 billion cubic meters in the Levantine basin, which stretches all the way to Crete.
Furthermore, there is growing interest on the part of the world oil industry in drilling in the Cypriot exclusive economic zone (EEZ) and conducting seismic research south of Crete and in the Ionian Sea west of the Greek mainland, as witnessed after the government’s recent issuing of invitations for expressions of interest. Israel and Cyprus are already discussing plans for exporting gas to Europe, anticipating Greece will soon join them in forming a new geopolitical axis.
The prospects of such an axis were openly discussed by ministers of the three countries at a conference organized by The Economist in Athens last week. It is a development that is certain to have an effect on the geopolitical and geoeconomic realities in the region. For a start, Europe will be able to lessen its dependence on Russia as supply sources will no longer be restricted to the Azeri Shah Deniz 2 field and the pipelines of the Southern Gas Corridor.
For more: ekathimerini.com | Natural gas finds redraw energy map
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