Huge Mediterranean oil and gas deposits, a real Bonanza....

Huge Mediterranean oil and gas deposits, a real Bonanza....

"The discovery since the early 80s of the huge natural gas bonanza off Lebanon’s Mediterranean shores triggered other neighboring countries to look more closely at their own waters. The results revealed that the entire eastern Mediterranean is swimming in huge untapped oil and gas reserves. That discovery is having enormous political, geopolitical as well as economic consequences. It well may have potential military consequences too.... Preliminary exploration has confirmed similarly impressive reserves of gas and oil in the waters off Greece, Turkey, IsraHell, Cyprus and potentially, Syria."

Economics play a very important part in the availability of oil. This production is available as long as the price of Brent crude is above $100US/bbl. If it drops as it may well do because of worldwide excess production and lowered demand on the world markets from the USA then it will end up getting "shut in". Peak oil has always been a myth.

There has been a long standing rumor (30+ years) that there is a very large pool of oil in shallow waters just offshore Gaza that can be produced rapidly and cheaply. Supposedly this and utter greed and criminality has colored Israeli thinking regarding Palestinian independence...., wars of aggression all around and more....

Technical database work around the petroleum industry indicates the magic number to be 85$ U.S. a barrel, for oil field expansion and rejuvenation. However when the price stays at or above 100$ a barrel lots of activity begins. Oil people tend to look at expansion or remodeling in this light: If 1 dollar is invested will it return 6 dollars within a year. This formula will not apply to long term new oil field development, that is the long game. But, so much development work and increase production is done to sell or borrow against an asset, that an almost ROI or instant return on investment has to be possible....