Future of Natural Gas in the Mediterranean Basin - Essay Example

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Future of Natural Gas in the Mediterranean Basin

Shale gas is obtained from shale, a sedimentary rock, and in the past decade has become an important source of natural gas in the United States and Canada.
North Africa possesses massive oil and gas reserves, viewed as strategically vital because of their proximity to European consumers across the Mediterranean Sea. "In terms of natural gas reserves, Algeria, Libya and Egypt contain the majority of the regional resource, except that Algeria is the main site of the reserves. Algeria is the eighth largest country worldwide in terms of proven gas reserves. Algeria possesses the majority of the gas resource at around 159 trillion ft3, followed by Egypt with 58.5 trillion ft3and Libya at 54.38 trillion ft3. Proved gas reserves have grown significantly over the past decade, with the most significant new finds in Egypt. Egypt joined the ranks of LNG exporters in 2005" (Yamaguchi, 2009)
These African countries have an edge over their Russian counterparts in terms of supplies of gas to these southern European countries. The Russian companies are far away from southern European countries as compared to these African countries. In future the supply from these African countries will continue to cater to the demand of the Mediterranean region. These African countries are also encouraging foreign investments in this sector. ...Show more

Summary

Natural gas is a combustible mixture of hydrocarbon gases. While natural gas is formed primarily of methane, it can also include ethane, propane, butane and pentane. Natural Gas is a vital component of the world's supply of energy. It is one of the cleanest, safest, and most useful of all energy sources…
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