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Over the last few years, significant new oil and gas exploration reserves have been discovered in East and West Africa, as well as the Eastern Mediterranean, the Caribbean and the Asia- Pacific region. These discoveries have very quickly added several new countries to the ranks of the world's oil- and gas-producing nations. These emerging oil and gas producers have shown a strong interest in advice on governance. They are keen to avoid the mistakes that have led to accountability failures in other, more established, producing countries.
The Energy Information Agency projects that global energy consumption will increase 56 percent by 2040. Yet, energy companies' collective failure to engage proactively with a global population jeopardizes sustainable energy solutions and hydrocarbon development. This shortsightedness presents strategic risks for energy companies and global energy consumers.
Will geopolitical obstacles prevent the Eastern Mediterranean from realising its hydrocarbon potential? How will the Syria conflict impact the East Med's exploration progress? How can the maritime border conflict between Israel and Lebanon be resolved? Is a resolution of the conflict a prerequisite for the two countries to make use of their natural gas deposits? Is the East Med under pressure to reach exploration phase before an eventual drop in natural gas prices due to an oversupply of natural gas? Is the drop in natural gas prices imminent or only theoretical? Will the US play an important role in changing the rules of the game hence affecting the East Med's ability to monetize its riches? Will the shale revolution anchor natural gas prices? Where will the East Med gas head towards? Which routes will be adopted to transport and deliver the natural gas to consumers? How can Europe contribute in supporting the Eastern Mediterranean in its path towards energy self-sufficiency/ export? Will the TAP/TANAP projects aimed at ensuring the security of natural gas supply to the European Union facilitate the transportation of East Med gas?
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