The Eastern Mediterranean is changing fast with its estimated 122 trillion cubic feet (tcf) of natural gas reserves (the equivalent of 21 billion barrels of oil) already having an impact on regional patterns of amity and enmity.
With Israel and Cyprus well underway to becoming gas exporters, the problematic Israeli-Lebanese and Cypriot-Turkish relationships have been further strained. At the same time, energy cooperation has been the driving force behind the nascent Greek-Cypriot-Israeli partnership, manifested in rapidly growing defense and economic cooperation. Clearly, the development of energy resources and their transportation will have far-reaching geopolitical implications for the Eastern Mediterranean and its nations.
Undoubtedly, U.S. and European interests will be well served by the emergence of the Eastern Mediterranean as a gas-exporting region. However, this will only be possible if there is a resolution to the ownership issue that can accelerate the pace of private investment in the regional gas industry.
Without a region-wide legal agreement, energy companies may not be able to secure the necessary funding to develop and implement gas projects. Washington, which enjoys good relations with all Eastern Mediterranean countries, could act as a broker in hosting multilateral regional talks to defuse tensions and promote mutual understanding between countries in the region.
The full article can be read at http://www.meforum.org/5877/shifting-eastern-mediterranean-alliances