With Israel and Cyprus recently confirming massive offshore gas reserves in the Levant Basin, the eastern Mediterranean Sea region is emerging as a significant new source of natural gas. The major economic and geopolitical implications explored in this essay include the accelerating regional competition to develop offshore energy resources; the related pursuit of major foreign investment for upstream energy development; consequences for regional gas export markets, notably the European Union; the influence of regional rivalries and conflicts on regional energy development; and the impact of the new energy resources on the regional balance of power.

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