Gas and Oil Exploration and Exploitation in the Mediterranean Sea
July 3, 2023 - Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives.
The exploration revival - on the part of European majors in particular - reflects a renewed commitment to oil and gas after Shell and BP went back on pledges to reduce output and invest in renewables as part of the energy transition.Credit to: https://www.oedigital.com/news/506238-oil-giants-drill-deep-as-profits-trump-climate-concerns
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The lack of iron and, especially, coal reserves within the Mediterranean Basin has influenced the industrial development of the countries surrounding the Mediterranean Sea.
Forty-four percent of the Mediterranean area is either contracted or designated for oil & gas exploration (WWF 2015 Medtrends) – this poses a risk that those zones, especially the ones in the Eastern Mediterranean may be explored at one point, potentially leading to increased pollution. In addition to the emission of greenhouse gases, offshore oil and gas operations in a sea with considerable seismic activity come with a risk of accidents and oil spills posing a real threat to the fragile Mediterranean ecosystem.
The offshore renewable energy sector in the Mediterranean is still almost nonexistent. Deployment can be expected once costs decrease; the latest offers for offshore wind in the North Sea are quite promising in this regard.
The existence of oil and gas reserves located in Algeria, Cyprus, Egypt, Israel, Italy, Lebanon, Libya, and Syria motivates the presence of more than 40 refineries and petrochemical installations around the Mediterranean.
The geographical distribution of industrial activities in the Mediterranean Basin is uneven, with most industries concentrated in the northwest, particularly in Italy, France, and Spain.
Forty-four percent of the Mediterranean area is either contracted or designated for oil & gas exploration (WWF 2015 Medtrends) – this poses a risk that those zones, especially the ones in the Eastern Mediterranean may be explored at one point, potentially leading to increased pollution. In addition to the emission of greenhouse gases, offshore oil and gas operations in a sea with considerable seismic activity come with a risk of accidents and oil spills posing a real threat to the fragile Mediterranean ecosystem.
The offshore renewable energy sector in the Mediterranean is still almost nonexistent. Deployment can be expected once costs decrease; the latest offers for offshore wind in the North Sea are quite promising in this regard.
The existence of oil and gas reserves located in Algeria, Cyprus, Egypt, Israel, Italy, Lebanon, Libya, and Syria motivates the presence of more than 40 refineries and petrochemical installations around the Mediterranean.
The geographical distribution of industrial activities in the Mediterranean Basin is uneven, with most industries concentrated in the northwest, particularly in Italy, France, and Spain.
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