Geopolitics Magazine November - December 2014 | Seite 77

Geopolitics & Daily News Magazine
Written by Dr. Anthony E. Foskolos

The importance of natural gas in the Eastern Mediterranean,
offshore Crete, Ionian Sea. Meeting growing EU natural gas
deficit.
Abstract
Hydrocarbon exploitation of offshore Eastern
Mediterranean, offshore southern Crete and the Ionian
Sea, Greece will alleviate the forthcoming European crisis
because beyond 2020 Europe will face a deficit of 730
million barrels of oil/year and an additional 200 billion M3
of natural gas/year, besides the already existing deficit of
240 billion M3 of natural gas, due to the fast depletion
rate of both oil and gas fields in the North Sea.
Russia and the USA will be unable to meet this
European energy deficit. Russia already supplies annually
Western Europe with 150 billion M3 of natural gas and it
will be not possible to add another 200 billion M3/year.
On the other hand the USA imports 4 billion barrels of oil
annually. This amount will not be available beyond 2030
because production from the oil producing countries will
Figure 1. Undiscovered oil and gas resources in
drop by at least 25 million barrels/day rendering the oil
Eastern Mediterranean. Assessment by USGS,
supplies problematic. As a result a big portion of this
Report 2010
energy deficit will be counterbalanced from shale gas.
However, Europe’s energy deficit of 200 billion M3/year can be met from the newly and about to be
verified oil and gas fields in the offshore of Egypt, Israel, Cyprus, Lebanon and Greece’s Ionian Sea and
offshore southern Crete. Furthermore, all the previously mentioned countries can, within the next 10
years, supply Europe with at least 1,8 million barrels/day from their anticipated reserves of 18 billion
barrels. If exploration and exploitation of hydrocarbon fields is expedited thus counterbalancing the
depletion from the North Sea oil fields.
Figure 2. Hydrocarbon potential in Greece

It is within this context that Greece will play an
important role in supplying and safeguarding
the transportation of natural gas either by
pipelines, CNG/LNG ships or oil tankers to
European ports. The Eastern Mediterranean
Basin along with offshore Crete and the Ionian
Sea (EEZ of Egypt, Israel, Lebanon, Cyprus
and Greece) has 526 trillion cubic feet (14.9
trillion M3) of natural gas.
The amount is based upon the USGS
Technical Reports 2010 A and B, which assign,
with a probability of over 50%, 212 trillio