The rosy future of the offshore East Mediterranean (East-Med) gas boom is in jeopardy. The current COVID-related economic downturn, combined with the dramatic drop in demand for oil and gas worldwide, has already led to several delays for major offshore gas projects in Cyprus, Lebanon, Israel, and Greece. Offshore E&P budgets have been cut by all oil and gas companies, leaving no room for high-risk natural gas developments in the East Med in the coming years. At the same time, geopolitical and military tensions between Turkey and the other players in the region, Cyprus, Egypt, Greece, and even Israel is rising fast. Ankara’s unexpected but strong support for the Libyan Tripoli-based government which is fighting out a long-lasting conflict against East Libyan general Haftar’s LNA forces has not only tilted the power structure in Libya, but has also put Ankara, as a NATO member, on a collision course with […]