«Onshore and offshore oil and gas well construction»

Changes in the gas market of the South Europe as a result of the discovery of large gas fields in the Black and Mediterranean seas

UDC: 332.05
DOI: 10.33285/0130-3872-2022-6(354)-55-63

Authors:

¹ Moscow State Institute of International Relations (University), Ministry of International Relations(MIR) of Russia, Moscow, Russian Federation

Keywords: Southern European gas market, Eastern Mediterranean, offshore gas fields, EastMed pipeline, TANAP gas pipeline, Turkish Stream, Sakarya gas field

Annotation:

In 2009, the first Tamar gas field was discovered in the Eastern Mediterranean. As a result of successful exploration work, several more large gas fields were later discovered in the exclusive economic zone of Israel and Egypt. Countries are actively putting these deposits into development, as this promises them huge economic benefits and changes the current geopolitical situation. Egypt and Israel are increasing their level of influence in the region, while Saudi Arabia and Turkey are losing ground. Gas from the Eastern Mediterranean is gradually taking its place in the energy balance of the Middle East countries and in the near future will begin to be present in the European market, displacing Russian pipeline gas from it. Thus, the European Union (EU) will fulfill its task of diversifying the sources of gas supply. Turkey is also pursuing this goal and has undoubtedly already achieved a significant result. The share of Russian gas in Turkey has become the lowest in the modern history. Turkey's exploration work in the Black Sea has led to the discovery of the large Sakarya gas field and is likely to continue. Turkey is becoming one of the largest gas transit countries in the EU. The position of Russian gas in the market of southern Europe is becoming increasingly unstable and will worsen as new gas projects are implemented in the Mediterranean and Black Seas.

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