Article

2012-07-21 Africa North

British Company Discovers Large Natural Gas Reservoir Off Egyptian Coast

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Posted by trailing wife 2012-07-21 10:52|| || Front Page|| [4 views ] Top

#1 Egypt unilaterally cancelled its agreement to supply Israel with natural gas

I read that as: Egypt, which will soon need every bit of cash it can get its hands on to buy food, decided to screw the Juice and themselves. We would call it a Lose-Lose strategy, but it seems to be the prefered option in ME relations. No wonder the place is messed up.

Posted by SteveS 2012-07-21 16:42|| 2012-07-21 16:42|| Front Page Top

#2 So it's looking like the entire eastern basin of the Med has natural gas. Egypt, Israel, Turkey and Cyprus could be energy independent. That would change the politics in a hurry.

It would depend on successfully executing the gas wells, Dr. Steve. As I've been pondering the situation, though, Egypt's ability to do that, even by contracting it out, concerns me. Especially as they're likely to be going through food riots at the same time, unless someone will loan them the necessary against a cut of future revenues. It seems to me that the repeated blowing up of the Israel/Jordan pipeline is more indicative of the future than the management of the Suez Canal.

I very much hope I'm wrong.

Posted by trailing wife 2012-07-21 20:54|| 2012-07-21 20:54|| Front Page Top

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