This assessment summarizes the 2025 discoveries and development of natural gas and other hydrocarbon resources in the Eastern Mediterranean (EastMed) region. The EastMed has been a hotspot for hydrocarbon discoveries since the late 1990s, transforming the region into a strategic arena for international cooperation and, at times, geopolitical tensions. These discoveries have spurred Israel and Egypt to launch large-scale offshore gas production projects in the Levant Basin since the early 2000s. With the current pace of exploration, there is still a strong possibility of additional significant offshore gas discoveries in the coming years, potentially fulfilling the basin's hydrocarbon potential. These discoveries are most likely to occur within the economic zones of Cyprus, Egypt, or Israel. Meanwhile, cumulative gas extraction from EastMed gas fields over the past two decades has exceeded 15.0 TCF, with an annual production rate at about 1.7 TCF. Assuming the known Levantine Basin discoveries and future potential, regional gas production is expected to peak in late 2030s, and decline from early 2040s.
Discoveries of hydrocabon prospects in the region began in late 1990s and produced confirmed gas discoveries in the year 2000. In 2010, following significant discoveries of natural gas in the Israeli Exculsive Economic Zone (EEZ), the U.S. Geological Survey (USGS) published a comprehensive study named "Assessment of Undiscovered Oil and Gas Resources of the Levant Basin Province, Eastern Mediterranean", estimating a mean of 1.7 billion barrels of recoverable oil and a mean of 122 trillion cubic feet (TCF) of recoverable gas in the Levant Basin using a geology based assessment methodology. At the time of the publication of the USGS report in 2010, there had been already some 27 TCF of P2 (50% probability) gas resources identified in the Levantine Basin - including 26 TCF in the Israeli Noa, Mari-B, Tamar and Leviathan findings, as well as 1 TCF in the Gaza Marine field in Mediterranean waters adjacent to the Gaza territory. As of 2025, the cumulative quantity of confirmed P2 gas resources found in the economic zones of regional players in the Eastern Mediterranean, is estimated at 87 TCF, excluding the still unconfrmed 6-8 TCF Calypso finding in Cyprus and other unconfirmed prospects. Out of those reserves, 70 TCF remain to be extracted, with an extrapulated potential for dozens TCFs in unconfirmed prospects and additional future findings.
Israeli EEZ includes three production sites of natural gas: veteran players in the Israeli offshore hydrocarbon playset involved in Tamar and Leviathan projects since 2009-2010 are Chevron (former Noble Energy), Tamar Petroleum, NewMed Energy (formerly Delek Group), Isramco, Mubadala Investment, Ratio, Dor Gas and Everest. Israel has developed four gas projects, beginning from Yam Tethys in 2004, continuing with Tamar in 2013, Leviathan in 2019 and the most recent FPSO gas production site at Karish-Tanin location inaugurated on October 2022 by Energian. Altogether, known Israeli 2P resources are at about 40 TCF, with about 8 TCF of resources already extracted. Thus, combined resources include the already exploited 1.3 TCF Yam Tethys gas fields (Mari-B, Noa and Pinnacles), producing 22 TCF Leviathan field, producing 10.8 TCF Tamar field, producing 2.3 TCF Karish & Tanin fields, 1.14 Karish North field, 1.1 TCF Katlan field and about 1.3 TCF gas resources in minor fields including Dalit and the recently discovered Zeus, Hermes, Athena and Dracon fields.
Taking a look on Egypt, which is a partner in the Israeli-Cypriot-Greek "Energy Triangle" - it has a significant foot print in the Levant Basin in terms of its economic zone. ENI is one of the first companies to become involved in the Egyptian offshore zone and is the main licence holder of the giant 30 TCF Zohr gas field. ENI's (50%) partners in Zohr are BP (10%), Rosneft (30%) and Mubadala Petroleum (10%). The Zohr project has already extracted about 6.0 TCF since the onset of its operation in December 2017. ENI is also holding the stale Damietta LNG facility in partnership with Naturgy via Union Fenosa joint venture, whereas the sporadically operating Idku LNG facility is held by Royal Dutch Shell, Petronas, Engie, EGAS and EGPC. Many of those companies are also involved in the Nile Delta basin in the southern parts of Egyptian EEZ and its shores, but those are outside the scope of the discussed Levantine Basin region.
Cyprus has produced a number of gas findings, of which neither have yet developed. ENI and Royal Dutch Shell are active in Cyprus, with ENI holding licenses for blocks 2,3,9 in 50% partnership with Korean KOGAS, licenses for blocks 6,11 in 50% partnership with Total and holding the license for block 8 on its own. Royal Dutch Shell has a 30% interest in the Aphrodite gas field in Block 12, where it is partnered with Israel NewMed Energy (former Delek Group) and Chevron (former Noble Energy). The combined Cypriot gas findings bring the cumulative quantity of proven resources in the Cypriot EEZ to some 13.5-18.2 TCF, including 4.2 TCF Aphrodite, 8-9 TCF Glaucus and Pegasus, 2.5 TCF Cronos and 2.0-3.5 TCF Zeus-1. Calypso potentially holds additional 6-8 TCF of gas, but it is not yet confirmed. The latest Elektra-1 Well in Block 5 was drilled in early 2025, with some non-commercial gas findings. However, another Pegasus-1 drilling adjuscent to the already confirmed Glaucus field resulted in commercial gas discoveries in late 2025. More exploration in Cypriot waters is scheduled for 2026/7.
To complete this overview, let's look at other players in the region. First of all, the 1.0 TCF Gaza Marine field, which was disovered more than two decades ago by British Gas, but failed to monetize due to a number of reasons - most notably its small size and lack of sufficient offtakers to justify its development. The Gaza Marine field is now held by the Palestinian Investment Fund (PIF), which belongs to the Palestinian Authority, and the private CCC group. Secondly, Lebanon which had issued the first tender for offshore exploration in 2018 and did attract major international players - the results of those activities were however very limited despite the promising potential of 25 TCF, mainly close to the border of Lebanese and Israeli EEZs. In addition, there is Turkey, which since 2019 has performed hydrocarbon exploration on behalf of Northern Cyprus, but has so far failed to find any resources around the island while producing geopolitical tensions. Finally, Syrian offshore zones couldn't yet produce any find due to long-lasting security crisis in the country.
In summary, the Levantine Basin continues to align closely with the gas discovery potential estimated by the USGS in 2010. With the current pace of exploration, there is still a strong possibility of additional significant offshore gas discoveries in the coming years, potentially fulfilling the basin's hydrocarbon potential. These discoveries are most likely to occur within the economic zones of Cyprus, Egypt, or Israel, as other regional players face significant challenges. Failed states and non-state actors in the region have been unable to advance hydrocarbon exploration due to ongoing internal crises. Meanwhile, cumulative gas extraction from EastMed gas fields over the past two decades has exceeded 15.0 TCF, with an annual production rate at about 1.7 TCF. Assuming the known Levantine Basin discoveries and future potential, regional gas production is expected to peak in late 2030s, and decline from early 2040s.
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