The Eastern Mediterranean has already become a significant source of natural gas production, but fully developing the region’s gas reserves, as well as finding ways to move that gas to market, has been extremely challenging.
Texas-based Noble Energy and Israel’s Delek Group, the two companies producing gas in Israeli waters, will ship about 64 billion cubic meters of natural gas over the next decade to Egypt’s Dolphinus Holdings.
Transportation must be the new growth sector in the US-Israel relationship, and AVs are the door. With its natural benefits to the security and prosperity of both nations, the table is set to yield both commercial and political value.
The Eastern Mediterranean has not seen dramatic development to date, but the scale of its reserves could be enormous and potentially alter the energy security and trade outlooks for the different countries in the area.
Egypt was facing a future of steep import bills to meet natural gas needs, but that could all change if Eni’s new discovery lives up to the hype.
Optimists believed that development of a the Leviathan natural gas field could mitigate some of the most volatile tensions in the Middle East, improve regional energy security, and even allow Europe to reduce its gas imports from Russia.