HYDROCARBONS POTINTIALS IN THE EASTERN-MEDITERRANEAN BASIN, AN OVERVEIW

Abstract

The Levantine Basin has yielded numerous major finds of natural gas since 2009, which have altered the dynamics of the Eastern Mediterranean area. Due to the discovery of the Tamar Field and later the larger Leviathan Field, Israel has the potential to enter the regional natural gas market. Following the first Israeli discoveries, Cyprus and Egypt have also found new gas deposits in the Mediterranean. The massive Zohr Field in Egyptian waters was discovered in 2015 by the Italian firm Eni, while the Aphrodite Field in Cypriot seas was discovered in late 2011 by the American company Noble Energy. Geological data indicates that Syria and Lebanon may contain significant gas resources, even though viable gas reserves have not yet been discovered in these nations. Israel's gas discoveries have been met with opposition by Lebanon, which claims a territory spanning over 300 square miles along the countries' unsettled maritime boundary. This is likewise the case with Greece, Cyprus, and Turkey. The Levantine basin which encompasses Cyprus, Israel, Lebanon, the Palestinian Territories, Syria, and Egypt has the potential to be revolutionary for the Eastern Mediterranean region. The 35 tcf of gas discovered recently may not be the whole supply of hydrocarbons from the Levantine basin. Short- to medium-term obstacles to resource development and monetization arise from the complex political landscape in the region, in addition to technical issues linked to resource development. The hydrocarbon reserves in the Eastern Mediterranean Sea are reviewed and highlighted in this study, along with the possibility of future resource development in light of the region's problems.