Potential Opportunities for Natural Gas Exports from the Mediterranean Sea Basin to Europe

Abstract

Reserves of oil and natural gas discovered in the Mediterranean could impact the geopolitical situation in the region in the long term. Theoretically, new natural gas deposits could be extracted by Cyprus, Egypt, Greece, Israel, Lebanon, Syria, and Turkey. However, political instability in the region and the lack of regulations regarding disputed areas will delay both exploration and mining and in some cases could even impede concessions. The main aim of this article is to answer the question whether the Mediterranean countries could become natural gas exporters? How could the natural gas be supplied to Europe? Will Mediterranean gas become an important source of supply to the EU in the next several years and will it influence the integrating energy market in Europe? The methods of research include factor and econometric analysis and those of political science. The article’s conclusions indicate that Mediterranean gas could be at most a supplementary natural gas source for Europe in the current geopolitical situation, but this requires investments in the construction of energy infrastructure that will be difficult to achieve in the near future.