Antonios STRATAKIS
PhD Candidate, University of Piraeus – Department of Maritime Studies,
stratakismaritime@gmail.com
Theodore PELAGIDIS
Professor of Economics, University of Piraeus – Department of Maritime Studies, Deputy Governor – Bank of Greece, pelagidi@unipi.gr
Tpelagidis@bankofgreece.gr
Abstract
It has been more than a decade since the Southeast Mediterranean region came to the forefront after the discovery of significant gas reserves in offshore fields located within the maritime territories of Egypt, Cyprus and Israel (Levantine Basin). Gradually, the region drew the attention of major oil companies (Total, Statoil, ENI, Exxon Mobil, BP, Rosneft Qatargas) which intensified their drilling operation activities; aiming to share the exploitation of the potential regional gas deposits with the involved countries in the future. Τhe aim of this paper is to investigate (a) the economic impact of these discoveries on the countries concerned, (b) what role can these discoveries play in EU’s energy plans, given the stated policy to reduce dependence on Russian supplies and (c) the implementation of a forthcoming energy hub in Southeast Mediterranean region, its viability and competitiveness towards other well-established or emerging gas producing areas. Finally, the paper examines the conflicted interests of European Union, Russia and USA in the energy equation of the region.
Keywords: Energy Corridors, Pipeline Networks, EastMed Project, LNG Terminals, Southeast Mediterranean
JEL classification: F10, F51, R41, R42, R48