• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 20 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 21 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 20 hours How Far Have We Really Gotten With Alternative Energy
  • 21 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 53 mins e-truck insanity
  • 11 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The United States produced more crude oil than any nation, at any time.
Big Oil’s Carbon Capture Conundrum

Big Oil’s Carbon Capture Conundrum

Energy experts and environmentalists express…

3 Oil & Gas Stocks Most Sensitive To Oil Price Swings

3 Oil & Gas Stocks Most Sensitive To Oil Price Swings

Apache, Marathon Oil Corp. and…

The East Mediterranean Is Primed For A Natural Gas Boom

The Eastern Mediterranean could become a “stable supplier of energy” to the European Union if the recent maritime border agreement between Israel and Lebanon spurs more investment in the region, the head of the company that launched the latest gas production project says.  

“I think there is a lot more gas to be found,” Mathios Rigas, chief executive of Energean, told the Financial Times in an interview published on Monday.

Energean said at the end of October that first gas was achieved at the Karish field offshore Israel, two weeks after Israel and Lebanon reached a historic agreement to settle their long-running dispute over their maritime border.

“We have delivered a landmark project that brings competition to the Israeli gas market, enhances security of energy supply in the East Med region and brings affordable and clean energy that will displace coal-fired power generation, making a material impact to the environment,” Energean’s Rigas said last month.

The Israel-Lebanon deal could pave the way to more oil and gas exploration in the Eastern Mediterranean region where major gas discoveries have been made in recent years. The settling of the dispute could encourage more investment in gas supply from an area close to the EU which, in the future, could help the bloc diversify its gas supply sources as it seeks to ditch Russian gas dependence by 2027.

More exploration and investments in the Eastern Mediterranean could make the region a “stable supplier of energy” for the EU, Energean’s Rigas told FT.

Under the Israel-Lebanon agreement, the Karish oil and gas field and an area known as the Qanaa prospect are expected to be in Israeli and Lebanese waters, respectively. 

A week after the border deal, Lebanon urged French supermajor TotalEnergies, which owns the contract to explore Lebanese waters, to start drilling in Block 9.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News