Europe has no choice but to reduce its dependence on Russian oil and gas imports, and quickly. For this to happen, Europe must take a closer and fresh look at its neighbours to the South.

Energy security is a key concern. The EU should have alternatives to diversify its supply sources, as well as manage its political and economic risks and limit its dependence on Russian gas. Recent major natural gas discoveries in the Eastern Mediterranean give the EU the option it is seeking, but also pose new challenges for  governments and international players in the race to exploit the discovered wealth.

Europe and the Mediterranean region have the unique potential to transform and diversify our economy to a decarbonised future, based on resource protection, energy efficiency and renewable  energies.

The Eastern Mediterranean could become one of the main global gas supply areas.  Resources are estimated at 122 trillion cubic feet of gas, plus 1.7 million cubic meters of oil, located off the coasts of Syria, Lebanon, Cyprus, Israel, Egypt and Palestine.

The overall quantities can justify the enormous costs of a new gas pipeline from the Eastern Mediterranean to Italy and the rest of Europe. From the South there are already pipelines transporting gas from Algeria to the EU.

This is an opportunity for development and growth both for the producing countries and for the EU.

The region’s potential is considerable. In addition to oil and gas, it has a  hydroelectric power system, wind resources and solar radiation that are among the highest in the world, as well as large tracts of  desert. Technically, the region could be a major energy player and meet the needs of part of the planet.

But discoveries of gas fields are stirring the pot of regional turmoil. The absence of a maritime boundary demarcation law and the appetite of other players make for a volatile and highly complicated situation.

Key points for discussion:

• How can we find the best economic and strategic solutions to optimise operations, mobilise the necessary resources and promote long-term viability?
• How can the Mediterranean region and EU join forces if they want to take advantage of their resources?
• Are the public and private actors in the sector aware of the advantages of a shared vision that will develop energy cooperation between the two shores of the Mediterranean and promote the construction of a natural gas market in the region?