Elfride Covarrubias Villegas, Head of Market Area, Italy & East Med Area, Energy Systems at DNV, details the findings of a report comparing the oil and gas industry in the Eastern Mediterranean region to the rest of the world. The discovery of huge natural gas reserves in the East Mediterranean in recent years has whetted the appetite of neighbouring countries. Large fields in the region include the Tamar (discovered in 2009) and Leviathan (2010) in Israel; Zohr (2015) in Egypt; and Aphrodite (2012), Calypso (2018) and Glaucus (2019) in Cyprus. Collectively, they hold almost 200 billion m~3 of gas, not including yet-to-find resources. Whilst the area has the potential to be a gas province of global significance and drive prosperity for the region's bordering economies in the coming decades, the demand for oil and gas has exacerbated geopolitical tensions and raised scrutiny on the area's intentions to address climate change.
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