Taking into account the growing hydrocarbon demand worldwide and the decreasing indigenous production in Europe, it will require huge efforts and substantial investments of the suppliers to mobilize these fuels in time. Besides, when assessing supply options, it has to be kept in mind that competition for supply will become far stiffer especially from North America, China and the emerging economies of South-East Asia.
The vulnerability of the EU to energy supply risks is a fact but this could be no more! If the most conservative data is taken into account in regard to the hydrocarbon reserves existing in the EEZs of Israel, Cyprus and Greece and the rest that lie within the Southeastern Mediterranean, for the first time ever in European Energy History, the EU could be guaranteed an uninterrupted supply of a traditional energy source.
The challenge ahead for the EU is to manage these new variables in the equation of the Southeastern Mediterranean region with ultimate responsibility and Europeanism so as to guarantee and improve the prospects, economic and social, of its citizens. Moreover, these hydrocarbon discoveries are bound to serve as a catalyst toward greater cooperation amongst the participating countries. The joint exploitation between these countries and the launching of joint projects has the potential to change the whole political and economic scene of the entire region to the better.