Apr 4 2016
Discoveries of natural gas onshore Israel and Cyprus between 2009 and 2011 unveiled the Eastern Mediterranean as a new frontier for the development of gas resources. Indeed, the US Geological Survey (USGS) released a study in 2010 suggesting that the Levant Basin contains an estimated 122 trillion cubic feet of undiscovered, technically recoverable natural gas. Almost six years on, the prophesised East Med gas bonanza has yet to bear fruit. There is a myriad of reasons why, including: 1. the inability to identify a commercially viable project 2. geopolitical considerations 3. lack of vision and 4. "on the hoof” policy making - which translates into regulatory uncertainty and risky business environments for investors.
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About the author
Mr Constantine Levoyannis
Constantine Levoyannis currently works as EU Public Affairs and Communications Director for the main French gas transmission system operator GRTgaz. Before joining GRTgaz, Constantine worked as a Director at FTI Consulting within the energy and natural resources practice where he led various projects, advising clients from across the energy sector and helping to prepare and execute strategic communication and advocacy campaigns as well as advising on political risk and providing market intelligence. Prior to that, Constantine worked at the European Parliament as a Policy Advisor in the Industry, Research and Energy Committee (ITRE) of the European Parliament for five years. He also has experience of working at the European Council and at the United Nations.
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