New energy resources in the Mediterranean, ranging from recently discovered oil and gas and the potential reserves of natural gas and oil in the Levantine Basin, near Israel, Lebanon and Cyprus, are opening new economic and social opportunities in the region. These findings are occurring while energy consumption increases significantly in the southern Mediterranean and as climate change and political instability continue to pose major challenges for future Mediterranean societies.
CITpax, CIDOB and the “Union for the Mediterranean” have identified the need for countries to enhance regional cooperation and to improve national regulatory frameworks in order to increase the likelihood of investment in the energy sector. In the framework of this initiative, studies and promotional activities will be undertaken with a view to advise governments and other political actors. One critical aspect of the process will be the involvement of the private sector.
Regarding this issue, on 17 December 2013 a meeting behind closed doors took place in Barcelona. The meeting was organised in collaboration with CIDOB, and included the participation of experts from CITpax and CIDOB, as well as energy experts and representatives of the Union for the Mediterranean.