Publications
Recent findings of natural gas in the Eastern Mediterranean, are expected not only to affect the energy market, but may also be considered a game-changer with geo-strategic, environmental and social implications. The Friedrich-Ebert-Stiftung, the Macro Center for political Economics and the INSS organized a conference in the framework of the Israeli-European Policy Network, on June 5-6, 2013 in Tel-Aviv. It included many international experts from the region and the EU and focused on the different implications of the natural gas findings.
This publication summarizes the main conclusions of this conference.
Countries that have, until now, been dependent on energy imports are thrust with the opportunity to develop massive gas fields, increase their energy security and even export natural gas to other regions due to the recent findings in the Eastern Mediterranean. The discoveries are expected not only to affect the energy market, but may also be considered a game-changer with geo-strategic, environmental and social implications.
Since natural gas is already showing signs of having dramatic impact on the region and public discourse, the Friedrich-Ebert-Stiftung, the Macro Center for political Economics and the Institute for National Security Studies organized a conference in the framework of the Israeli-European Policy Network. The conference, titled "Natural Gas in the Eastern Mediterranean: Economic Impacts and Strategic Implications" took place on June 5-6, 2013 in Tel-Aviv. It included many international experts from the region and the EU and focused on the different implications of the natural gas findings. This publication summarizes the main conclusions of this conference.
While horizontal drilling and hydraulic fracturing have been used for decades, recent refinements have made the production of natural gas from a number of shale and other geological formations less costly. As a result, exploration and production steadily increased in recent years, with explosive growth in specific regions. Since the 2008-2009 recession, the growth of natural gas production has been regarded by some as a highly positive development as it can increase employment and economic diversification while bringing lower energy prices to consumers. However, many are concerned about the impacts that sudden economic expansion can have on communities.
The first section in this publication describes the economic considerations should be in the forefront and the ways they should be addressed when forming policies. These include, among others, export quantities, determining local gas needs, and the management of the sovereign wealth fund. The second section deals with the various environmental implications natural gas production, and how to manage them, as well as the opportunities that arise in the clean energy sector.
The last section discusses the challenges and opportunities these discoveries raise the regional sphere, as well as presents an overview of the situation of other gas producing countries in the Eastern Mediterranean – where a regional cooperation can be formed, and what obstacles need to be overcome for this to occur.
The opinions expressed in INSS publications are the authors’ alone.
Publication Series Memoranda