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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