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The Recent Energy Developments in the Eastern Mediterranean and the Middle East
The Recent Energy Developments in the Eastern Mediterranean and the Middle East
Laury Haytayan
13 September 2023

0:00 - Intro
0:24 – Recent developments in the Lebanese oil and gas sector
0:32 – Exploration drilling in Lebanon’s Block 9
2:26 – The second licensing round
3:05 – Seismic survey in Block 8
4:04 – The sovereign wealth fund law
4:47 – Eastern Mediterranean updates
4:54 – The impact of the Russia-Ukraine war
5:12 – Egypt-Israel-EU memorandum of understanding
7:36 – Europe’s energy future
9:52 – India-Middle East-Europe Economic Corridor (IMEC)


Laury Haytayan delves into several recent noteworthy developments in the Eastern Mediterranean region.

In August, exploration drilling commenced in Block 9 located off the Lebanese coast. The outcomes of this drilling are highly anticipated, as they could lead to the discovery of substantial gas reserves. The second licensing round for offshore oil and gas exploration in Lebanon is set to conclude soon, with an expected closure date in October 2023. This round has faced multiple delays, and its outcome is eagerly awaited to gauge industry interest. Lebanon has also signed contracts for geological seismic surveys in Block 8. Finally, there is an ongoing discussion surrounding the proposed Sovereign Wealth Fund in Lebanon, which aims to manage revenue from oil and gas resources for the benefit of the country's economy. The fund's status is pending parliamentary approval.

Regional dynamics are influenced by the ongoing Russia-Ukraine conflict, impacting energy dynamics in the Eastern Mediterranean. With the signing of the memorandum of understanding with the EU last year, Israel and Egypt have emerged as key gas producers in the region. However, Europe has learned from past experiences, such as the Russia-Ukraine conflict, and is increasingly focusing on renewable energy sources to reduce its dependency on natural gas.

Another significant development in the G20's announcement about establishing the India-Middle East-Europe Economic Corridor (IMEC). This ambitious connectivity project has the potential to reshape the economic landscape of the region, fostering economic development. It is therefore crucial to emphasize the paramount importance of focusing on economic opportunities and connectivity rather than becoming entangled in political conflicts.

Laury Haytayan is a Lebanese energy policy expert with special interest in the geopolitics of oil in the Middle East and North Africa. She is also a host of Energy Espresso podcast.

#LebanonEnergy #EasternMediterraneanEnergy #IMEC

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