Article from: OGEL 3 (2013), in Editorial
The Eastern Mediterranean basin has become one of the latest areas of interest for the international oil and gas industry. The offshore fields in the area have great potential both in terms of economic activities and progress in the region as well as on an international political level. International oil and gas companies are rapidly moving into this part of the world and the countries in the region are preparing for international petroleum activities by rolling out new laws and regulations and organizing bidding rounds within their territory.
However, politically the region is also one of the more complicated places in the world. The border disputes involving Greece and Turkey, Lebanon and Israel, as well as the complex situation with Cyprus, complicate matters and deters exploration and exploitation activities in some areas. More generally, in some countries significant onshore issues still need to be overcome before economic prosperity can become a reality. Even with upstream operations now starting, this will take time.
This OGEL Special issue looks at the legal and regulatory aspects at play in the Eastern Mediterranean region. A number of articles focus on the regulatory and contractual frameworks for upstream petroleum currently in place in Israel, Lebanon, Greece, Cyprus and Jordan. Other articles look at the policy issues involved and finally, some papers focus on international law in relation to the maritime boundaries in this area.
The objective of the OGEL Special issue on Eastern Mediterranean is to provide a picture of legal and regulatory issues involved and the "state of play" in the new oil and gas region. By drawing on a number of experts within and beyond the countries of the Eastern Mediterranean, the Special issue delivers on the objective.
Editor-in-Chief for OGEL