The diplomacy of drilling
Countries like Greece, Cyprus, Israel, Turkey, Egypt, and Libya often negotiate over maritime zones, sovereignty, and resource-sharing. Libya’s recent decision to auction offshore energy blocks near Greece has reignited regional energy diplomacy, prompting Greece to reassess its approach to securing its territorial rights and future energy interests.
Despite these developments, the Southeastern Mediterranean's natural gas reserves make up only 2 3% of global supplies, leading to a shift in hydrocarbon exploration toward Libya and Algeria. A successful hydrocarbon exploration program in Greece and Libya could potentially boost the Southeastern Mediterranean's share of global gas reserves to around 4%. However, Europe is adjusting its energy strategy, focusing more on North Africa, where 4 key pipelines already link Algeria to Italy via Tunisia, Algeria to Spain via Morocco, Algeria to Spain directly, and Libya to Italy. The coming years are expected to bring new crude oil pipelines, as major US energy companies like ExxonMobil and Chevron ramp up investments in the region.
"NAFTEMPORIKI TV April 15, 2025" Yannis Bassias Translation from Greek