Eastern Mediterranean Floating on Oil and Gas Riches

by William Engdahl
Boiling Frogs
March 6, 2012

The discovery in late 2010 of the huge natural gas bonanza off Israel’s Mediterranean shores triggered other neighboring countries to look more closely at their own waters. The results revealed that the entire eastern Mediterranean is swimming in huge untapped oil and gas reserves. That discovery is having enormous political, geopolitical as well as economic consequences. It well may have potential military consequences too.

Preliminary exploration has confirmed similarly impressive reserves of gas and oil in the waters off Greece, Turkey, Cyprus and potentially, Syria.

Greek ‘energy Sirtaki’

Not surprisingly, amid its disastrous financial crisis the Greek government began serious exploration for oil and gas. Since then the country has been in a curious kind of a dance with the IMF and EU governments, a kind of “energy Sirtaki” over who will control and ultimately benefit from the huge resource discoveries there.

In December 2010, as it seemed the Greek crisis might still be resolved without the by-now huge bailouts or privatizations, Greece’s Energy Ministry formed a special group of experts to research the prospects for oil and gas in Greek waters. Greece’s Energean Oil & Gas began increased investment into drilling in the offshore waters after a successful smaller oil discovery in 2009. Major geological surveys were made. Preliminary estimates now are that total offshore oil in Greek waters exceeds 22 billion barrels in the Ionian Sea off western Greece and some 4 billion barrels in the northern Aegean Sea.[1]

The southern Aegean Sea and Cretan Sea are yet to be explored, so the numbers could be significantly higher. An earlier Greek National Council for Energy Policy report stated that “Greece is one of the least explored countries in Europe regarding hydrocarbon (oil and gas-w.e.) potentials.”[2] According to one Greek analyst, Aristotle Vassilakis, “surveys already done that have measured the amount of natural gas estimate it to reach some nine trillion dollars.” [3] Even if only a fraction of that is available, it would transform the finances of Greece and the entire region.

Tulane University oil expert David Hynes told an audience in Athens recently that Greece could potentially solve its entire public debt crisis through development of its new-found gas and oil. He conservatively estimates that exploitation of the reserves already discovered could bring the country more than €302 billion over 25 years. The Greek government instead has just been forced to agree to huge government layoffs, wage cuts and pension cuts to get access to a second EU and IMF loan that will only drive the country deeper into an economic decline. [4]

Read Complete Article →

About Editor
The Real Agenda is an independent publication. It does not take money from Corporations, Foundations or Non-Governmental Organizations. It provides news reports in three languages: English, Spanish and Portuguese to reach a larger group of readers. Our news are not guided by any ideological, political or religious interest, which allows us to keep our integrity towards the readers.

Comments are closed.

Togel Togel Togel Online Toto Slot Togel Online Togel178 Pedetogel Pedetogel Situs Togel Terpercaya Togel178 Togel279 Toto Macau Situs Togel Bandar Togel Agen Togel Bo Togel Daftar Togel Togel279 Toto Macau Bo Togel Terpercaya Toto Togel Sabatoto Slot Server Luar Negeri rote4d rote4d rote4d togel158 togel158 togel279 pedetogel togel178 rote4d sabatoto Togel279 Rote4d Togel Online togel sabatoto pedetogel Slot88 Situs Togel Prize 123 Bo Togel Terpercaya Togel Online Daftar Akun Togel Resmi Toto Macau Toto Togel Situs Togel Terpercaya Situs Togel Via Pulsa Tanpa Potongan Daftar Togel Via Pulsa Tanpa Potongan Daftar Togel Via Dana Togel Via Dana Toto Slot Bandar Togel Hadiah 4D 10 Juta Terpercaya Bandar Togel Hadiah 4D Bo Togel Hadiah 2D bo togel terpercaya pedetogel togel158 togel158 pedetogel togel178 togel178 togel158 PEDETOGEL PEDETOGEL PEDETOGEL pedetogel pedetogel Togel Via Dana Togel Situs Toto dana toto toto togel togel via pulsa bandar togel togel178 pedetogel sabatoto togel158 togel279 pragmatic178 novaslot88 result macau bo togel hadiah 2d 200rb daftar akun togel resmi dana toto togel158 pedetogel togel279 togel158 pedetogel rote4d rote4d sabatoto toto macau toto macau togel158 pedetogel sabatoto togel178 togel279 togel158 togel158 togel178 togel279 pedetogel togel158 sabatoto togel178 pedetogel