Just when you thought tensions could not get worse in the eastern Mediterranean the discovery of significant deposits of offshore gas and NGLs (Natural Gas Liquids) will only heighten the potential for conflict.
The allocation of oil & gas acreage and production revenues between governments is difficult enough in areas such as the North Sea where the bordering countries (UK, Norway, Denmark, Holland) are cool headed and have a long history of abiding by the rule of law. Imagine the disputes in that crowded corner of the Med. trying to allocate production between Turkey, Cyprus, Syria, Lebanon, Israel, Egypt – and the Gaza Strip. All have them have bordering coastlines and a claim to the area.
Conflict? – You ain’t seen nothing yet.