Gas finds in east Mediterranean may change strategic balance

BBC ^ | 13 May 2013 Last updated at 07:22 ET | BBC

[haffast]

For decades, it seemed that most countries of the Levant, east of the Mediterranean Sea, had little or no share of the Middle East's abundant energy resources.

Israelis even had a joke about how Moses led his people through the desert for 40 years to reach the one place in the region with no oil.

But in the past few years, there have been offshore discoveries of gas and possibly oil that look set to open up new economic possibilities. In future, they could also redefine strategic relationships.

A 2010 US Geological Survey report estimated that there were 122 trillion cubic feet (TCF) (equivalent to 3455 billion cubic metres) of gas and 1.7bn barrels of oil off the coasts of Israel, the Gaza Strip, Cyprus, Syria and Lebanon.

In Lebanon, the potential benefits of a domestic supply of gas are immediately clear.

Even the most well-off neighbourhoods of Beirut currently experience daily cuts of state-supplied electricity. Power plants run on expensive imported fuel, mainly diesel.

snip

"Israel can use the new natural gas discoveries as a bridge to have a better relationship with our neighbours," Mr Abu says. "It's a win-win for everyone in the area."

"We had discussions with the Palestinian Authority regarding supplying gas from the Israeli discoveries to a power plant in Palestine. We are also exploring potential opportunities to supply gas to Jordan."

In future, exports could also reach Turkey, after it restored diplomatic ties with Israel last month, and Egypt.

snip

[haffast]

"Lebanon has just named the international companies that can bid for gas and oil exploration licences. They include giants such as ExxonMobil, Shell, Chevron and Total. It is estimated that drilling will begin in 2015 or 2016"

Turn on the light$ for "Peace and $ecurity".

[colorado tanker]

And once the fields are up and producing the muzzies will nationalize them.

[hinckley buzzard]

"We had discussions with the Palestinian Authority regarding supplying gas from the Israeli discoveries to a power plant in Palestine

That's nice, but just don't be thinking the Pali scum might ever trade "gas for peace." The psychotic moslem filth would rather sit in the cold and darkness first.

[taxcontrol]

I agree 100%. They have a long history of doing exactly that.

[SunkenCiv]

Thanks haffast.