North African upstream faces Mediterranean competition

In depth
Issue 278 - 31 May 2014 - By John Hamilton | 7 minute read

The focus of upstream activity in the Mediterranean has shifted from the established hydrocarbons-rich zones of North Africa to the coast of the Levant and now increasingly to parts of the Adriatic, impelled both by violence and instability in Libya and also the opening up of opportunities in these new areas. Driven by the pressures of economic austerity in the aftermath of the Euro crisis, Greece and Italy have turned back to oil and gas licensing. Greece recently launched an ‘open door’ licensing programme, and Italy has also licensed new areas after many years during which progress was effectively frozen.

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