Cause for quiet optimism in the East Med

Political stability and multilateral collaboration are essential to fulfilling the region’s economic potential

The geopolitical scene in the Eastern Mediterranean is being reshaped by oil and gas discoveries. Alliances are constantly shifting as sovereign states vie with each other to capitalise on their reserves, hoping to boost economic growth and restart troubled economies after years of security challenges and conflict. Huge swaths of the East Med remain untapped. Libya has the largest oil reserves in the region, if not in all of Africa, with the potential to produce up to 3mn bl/d of oil. Assessments suggest Cyprus, Israel and Lebanon are home to trillions of cubic feet of natural gas. International interest in licence bidding rounds, notably in Lebanon and Israel, from key industry players such