Europe Can Have Sustainable Gas Supplies from Mediterranian Gas Reserves

The Russia-Ukraine military conflict is unfolding social and economic consequences far beyond the central Asian or Eurasian borders. European nations found themselves paying the highest gas price in history to meet their energy requirements. Options available for Europe to deal with this situation are: 1) Increased European Gas Production; 2) Increased LNG Imports from US and Asia; 3) Increased Gas Imports via Pipelines from Neighbouring Areas. Given the recent exponential rise in LNG prices, Europe needs to seriously look for some viable and sustainable gas supply sources based on suppliers’ Current R-to-P ratio, Proximity to Europe (Transportation Cost for European Consumers), Economic Sustainability, Political (including geo-political and Security) Factors and Techno-Economic Viability of Gas Import Projects. Egypt, with significant recent gas discoveries and two operational LNG Export Terminals, is surrounded by significant gas reserves potential of Eastern Mediterranean region standing out as a more prospective option as compared to LNG Imports and Central Asian Gas Supplies. Coincidently, Turkey is already established as a recognized energy hub between European consumers and energy producers in the east and southeast of Turkey. There have been past European efforts, through the creation of the EMGF (Eastern Mediterranian Gas Forum) grouping, to undermine Turkish interests. Now is time to recognize that Turkey is willing and capable of meeting the EU requirements for independent regulatory oversight and the separation of infrastructure ownership from gas sales and production. For Egypt, this is an important concern if it wants to become part of pipeline infrastructure for gas supplies to Europe. Changing the current configuration of the EMGF by including Turkey is expected to reduce regional tensions. The EU may adopt a more constructive engagement with Turkey in view of their shared interests in trade, energy, and regional security facilitating quick European utilization of Eastern Mediterranian gas reserves.