#Syria’s oil and gas potential in the Eastern Mediterranean is wasted, while Israel’s thrives
No one mentions it much, but Syria, according to the specialist Oil & Gas Journal in Jan 2013, has the largest proved reserve of crude oil in the Eastern Mediterranean. Other lucky beneficiaries are Israel, Cyprus and Lebanon, all with large reserves of oil and gas. The gas reserves in this underwater Levant Basin are so huge the estimates say they would supply all of Europe’s gas demand for 7 years.
Yet while Israel has already started production from its Tamar gas field, and the huge Leviathan field is on course to follow in 2016/2017, and while Cyprus is also gearing up for its share and discussing shared export arrangements with Israel so both countries can benefit, neither Lebanon nor Syria, locked in conflict, can make any headway with exploiting these potential riches.
Western oil companies abandoned exploration operations because of political stalemate, but even now, after two and a half years of war, Syria’s government was still in April 2013 (according to a Congressional Research Service report) in discussion with Russia and China over offshore oil exploration. Syria is also said to have oil shale reserves estimated up to 50 billion tons. Russia’s state-owned energy companies have a huge stake in the Damascus regime’s survival so they can continue to profit from Syria’s oil and gas reserves, so Russia’s interest in maintaining the status quo with Assad in charge is clear. There is too much to lose, and it also wants to thwart Israel’s plans to build an undersea pipeline to Turkey, the obvious way to export oil and gas to Turkey (and thence to Europe) while excluding Iran and Russia, the two current supplier’s of Turkey’s energy needs. This also explains Obama’s instruction to Israel in March 2013 to apologise to Turkey for the Mavi Marmara incident, so that diplomatic ties between Israel and Turkey could be restored. America wants its ally Israel to be able to export oil and gas to Turkey. The longer Lebanon and Syria take to sort themselves out vis-a vis oil exploration and production in the Eastern Mediterranean, the better, from the US point of view.
The conclusion? There is no incentive for the US to end the Syrian war now that the chemical weapons issue is sorted, as they want no interference in Israel’s ability to export from its Eastern Mediterranean reserves. And there is no incentive for Russia to end the Syrian war while it can still benefit from Syria’s potential Eastern Mediterranean reserves in future, since Bashar is now solely dependent on Russia (and possibly China) for future exploration and production.
The Syrian people do not feature in this equation, as usual.
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