That will give the international energy a relief is the offshore natural gas sources in the eastern Mediterranean Sea’s Levant basin. But it will need some time for the oil to be developed.
But the vital task in recent is for the countries in the regions to solve their conflicts. Israel will be the uncountable participator because it is rightly located in the area.
Finding
gas is not enough, but it has to be proven to be profitable. A $10/MMbtu price would be considerable to go ahead the gas production in Israel and Cyprus.
Israel, Cyprus, and Greece will be combined to develop the gas production. But the problem of how to deliver the gas should be solved first. Due to the large population of Turks in Cyprus, so the Turkey has large right to say what has taken place in the eastern Mediterranean. Until more countries involved in the project, it can be start.
That could hardly happen until the following two issues are solved, namely the Turkish-Israeli relations as well as the international water boundary disputes. The officials in these countries also doubt when the oil development can begin. These issues should be discussed first.
Noble Energy Inc.’s estimation of its resource declined after a production test of its A2 appraisal well had completed. There is a high chance that the island nation would delay export schedule.
The proposed pipelines will be completed in fast speed from LNG since tankers make it easier to turn their goods into gas. Large regasification facilities are not necessity onshore.
European would have large consumption of eastern Mediterranean gas, while its other potential customers are Asia countries where the gas would be delivered through the Suez Canal. There is the potential that European would help founding an undersea pipeline which is convenient for Turkey to get along.
While there is a conflict between Turkeys with its Kurdish population, the Turkey and Northern Iraq business cooperation has seen business can be conductive for solving political problems.
It is necessary for Turkey as a trading partner to the North Iraq which is locking. There is possibility for Ankara and Istanbul to be tied together. But the links for eastern Mediterranean countries to cooperate can be less since they are easier to accessible to market respectively.
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