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Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters). Further analysis in the coming months will be required to better determine the resource potential.“These are encouraging results in a frontier exploration area,” said Steve Greenlee, president of ExxonMobil Exploration Company. “The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further.”
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IEA – International Energy Agency confirms that gas demand will increase by 20% by 2030, predicting a growth of 1.6% – 2% per year, with natural gas becoming the largest single fuel in the global mix.
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Cyprus, Greece, Italy, and Israel are growing over ownership of offshore fields in the eastern Mediterranean. In December 2018, the four countries signed a $7 billion agreement to provide Europe with natural gas. The deal, known as “East Med”, would help Europe diversify its energy portfolio, while simultaneously reduce its reliance on Russia. The pipeline linking these eastern Mediterranean gas resources will cross from Israel and Cyprus into Greece and Italy, and would be about 2,200 kilometer long.
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Energy ministries coming from Egypt, Cyprus, Greece, Israel, Italy, Jordan, and Palestine have shape new alliances given the major gas discoveries in the East Mediterranean it also strives to provide a platform for improved cooperation between the gas exporters (Cyprus, Egypt, and Israel), countries of transit (Greece and Italy), and gas importers.
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