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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Law on Hydrocarbon Extraction in the Eastern Mediterranean Sea
Author(s)
Odysseas Kopsidas
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DOI:10.17265/2162-5263/2021.05.003
Affiliation(s)
School of Economics, Aristotle University of Thessaloniki, Thessaloniki 54124, Greece
ABSTRACT
The Eastern part of the Mediterranean, surrounded mostly by Greece, Turkey, Cyprus, Israel, Syria, Lebanon and Jordan, has recently come into the limelight of the global energy map. The discovery of hydrocarbons and gas in the Eastern Mediterranean holds the potential of being a game changer in the whole region and beyond. Oil was first discovered in the Eastern Mediterranean Sea in the 1960s, however the absence of technology allowing exploration and exploitation in such sea depths allowed only a small circle of companies to actually focus on the area. When technological development made exploitation a more visible scenario, research still remained on hold as estimated supplies were considered minimal, therefore not worth establishing a costly drilling infrastructure. In 2010 it was discovered that the Leviathan gas field was much larger than previously believed. This coincided with the discovery of the Zohr Field in 2015, a large natural gas field off the coast of Israel, developments which set the Mediterranean Sea in the global market’s interest.
KEYWORDS
Hydrocarbon, Eastern Mediterranean, law, economics.
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