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Old 03-05-2012, 05:23 PM
Franc Tireur Franc Tireur is offline
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The New Mediterranean Oil and Gas Bonanza

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The discovery in late 2010 of the huge natural gas bonanza off Israel’s Mediterranean shores triggered other neighboring countries to look more closely at their own waters. The results revealed that the entire eastern Mediterranean is swimming in huge untapped oil and gas reserves. That discovery is having enormous political, geopolitical as well as economic consequences. It well may have potential military consequences too.

Preliminary exploration has confirmed similarly impressive reserves of gas and oil in the waters off Greece, Turkey, Cyprus and potentially, Syria.

Greek ‘energy Sirtaki’

Not surprisingly, amid its disastrous financial crisis the Greek government began serious exploration for oil and gas. Since then the country has been in a curious kind of a dance with the IMF and EU governments, a kind of “energy Sirtaki” over who will control and ultimately benefit from the huge resource discoveries there.

In December 2010, as it seemed the Greek crisis might still be resolved without the by-now huge bailouts or privatizations, Greece’s Energy Ministry formed a special group of experts to research the prospects for oil and gas in Greek waters. Greece’s Energean Oil & Gas began increased investment into drilling in the offshore waters after a successful smaller oil discovery in 2009. Major geological surveys were made. Preliminary estimates now are that total offshore oil in Greek waters exceeds 22 billion barrels in the Ionian Sea off western Greece and some 4 billion barrels in the northern Aegean Sea.

The southern Aegean Sea and Cretan Sea are yet to be explored, so the numbers could be significantly higher. An earlier Greek National Council for Energy Policy report stated that “Greece is one of the least explored countries in Europe regarding hydrocarbon (oil and gas-w.e.) potentials." According to one Greek analyst, Aristotle Vassilakis, “surveys already done that have measured the amount of natural gas estimate it to reach some nine trillion dollars.”

Even if only a fraction of that is available, it would transform the finances of Greece and the entire region.
http://www.veteranstoday.com/2012/03...-cyprus-syria/

This area is a power keg.
 
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Old 03-06-2012, 01:42 AM
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Mel Mel is offline
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IMO the more resources of this type that are discovered and developed the better for the world as it will reduce or eliminate the disproportional power that some Middle East countries have over the world economy.
 
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Old 03-06-2012, 01:58 AM
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rabble rabble is offline
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IMO we already have enough oil available to commit global suicide.
Making the act quicker or cheaper does not appeal to me.

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