Natural Gas During The Middle East And Other Opec Members

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Introduction James Buchan, renowned journalist and political pundit, stated in a 2006 edition of the New Statesman, “A century ago, petroleum - what we call oil - was just an obscure commodity; today it is almost as vital to human existence as water.” Had Mr. Buchan been writing this article today, it is likely that he would argue oil is more vital to human existence than water. There is no denying the human dependence on oil, relying on it to provide us light and heat, power our machines, and transport us throughout the globe. Almost forty years ago much of the western discourse on oil was dedicated to forecasting the future of oil, making predictions on where it would come from, who would control it, and how much it would cost.…show more content…
Tensions between Israel and Gaza, the turbulent political make-up in Syria, and the deep-rooted dispute between Turkey and Cyprus were initial challenges that have only intensified with continued resource discoveries. These political constraints have profound implications on commercial prospects for the natural gas considering they have delayed or completely called off bidding rounds for petroleum companies. The purpose of this paper is to provide an analytical report on the economic realities of the natural resource findings in the Eastern Mediterranean region. It will focus on the parties involved including state and non-state actors. It will probe the potential opportunities for extraction, looking specifically at the possibility of monetizing the resources for all players. Finally, it will assess the challenges needed to overcome in order to make any option a viable one.
Assessment of Reserves by Country The United States Geological Survey estimated that the Levantine Basin exceeds 3455 Billion cubic meters (Bcm) in natural gas resources. With the recent discoveries off the coast of Cyprus and Israel, the total estimated reserves have skyrocketed. As of 2013, the discoveries for each nation are as follows:
1. Israel
By 2013, the two major Israeli discoveries consisted of the Leviathan and Tamar gas

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