East Mediterranean Gas Faces Crucial 2016

Just two years ago the future looked bright for both Cyprus and Israel with both sitting on substantial gas reserves. But the collapse in prices, and delays due to Israel’s antitrust tussle, have threatened the viability of Israel’s 22 tcf Leviathan and Cyprus’ 5 tcf Aphrodite gas fields.

In an unprecedented move earlier this week, Israeli Prime Minister Benyamin Netanyahu spoke in front of the country’s Supreme Court, as he hopes to push through a gas outline agreement deemed crucial for the development of the giant Leviathan field.

Citing both economic and security reasons, the Prime Minister said any delay in the outline’s implementation could inflict “long-term significant damage.” (CONTINUED - 1249 WORDS)