East Med gas could help ease Europe's energy crunch with right funding -officials
East Mediterranean gas reserves can help ease Europe’s energy crunch but require funding from institutions like the European Bank for Reconstruction and Development and the European Investment Bank to realise the area’s full potential, an official said on Friday.
Offshore areas in the eastern Mediterranean and Levant have yielded major gas discoveries in the past decade, with interest in them increasing since the disruption of flows from Russia following its invasion of Ukraine.
Related Knowledge Center: Energy security and pricing
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.