Insight

Where will Eastern Mediterranean gas go?

21 September 2017

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21 September 2017

Where will Eastern Mediterranean gas go?

Report summary

The Eastern Mediterranean has enjoyed tremendous exploration success in the last decade. Most of the resource discovered is natural gas. Egypt, with a hungry domestic natural gas market has had no problems in sanctioning huge discoveries such as the 22 tcf Zohr discovery. But, small domestic natural gas markets in Israel and Cyprus have resulted in projects struggling to monetise their resource. If Egypt's exploration success continues, and new domestic supply keeps entering the Egyptian market, where will Eastern Mediterranean gas go? We look at alternative routes to Europe and Turkey, and assess if Eastern Mediterranean gas can compete with alternative sources of supply into these markets.

Executive summary
- The puzzle ofEastern Mediterranean gas
- Egypt’s exploration success
- at Israel’s and Cyprus’ expense
- How do the export routes to Europe and Turkey stack up?
- Turkey – major regional market with geopolitical challenges
- Europe – supportive of new gas, but an export pipeline is a huge challenge
- The possibility of LNG
- New discoveries could shift the puzzle pieces again
- Appendix
- Gas Transmission Pipeline Modelling in Wood Mackenzie