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Global energy market dynamics and natural gas development in the Eastern Mediterranean region

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  • Pulhan, Afet
  • Yorucu, Vedat
  • Sinan Evcan, Nusret

Abstract

This article discusses the development of Eastern Mediterranean natural gas resources in the context of global energy market dynamics. The focal point of this research is to apply Localization Theory through systematic attention on the mutual interaction between geographical proximity, regional relations, energy geopolitics, and economics to investigate the trade of natural gas. Eastern Mediterranean is a geopolitically important region endowed with natural gas resources. The realization of potential development options and achievements of desired results have been stranded by changing regional and global energy market and geopolitical dynamics, different policy approaches, and existing conflicts. In the current energy context, the global energy market structure is altering with the development of unconventional resources, falling demand, abundance in supply, changing pricing structure, and declining global energy infrastructure investments. The study revealed that decisions about the development of natural resources and export infrastructure are dependent on global energy market dynamics in conjunction with regional geopolitics. Regional cooperation and development of energy policies in line with the careful consideration of global energy market dynamics and energy geopolitics are suggested as the main path to shape the future of these processes. The study also revealed that development and monetization of the Eastern Mediterranean natural gas resources necessitate a pragmatic approach based on realistic expectations and the development of all-inclusive cooperative schemes. Joint development of regional natural gas resources under these cooperative schemes is likely to produce desired solutions for the energy development and monetization process and create economies of scale by keeping costs low.

Suggested Citation

  • Pulhan, Afet & Yorucu, Vedat & Sinan Evcan, Nusret, 2020. "Global energy market dynamics and natural gas development in the Eastern Mediterranean region," Utilities Policy, Elsevier, vol. 64(C).
    • Handle: RePEc:eee:juipol:v:64:y:2020:i:c:s0957178720300357
    DOI: 10.1016/j.jup.2020.101040
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    References listed on IDEAS

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    1. Gailing, Ludger & Röhring, Andreas, 2016. "Is it all about collaborative governance? Alternative ways of understanding the success of energy regions," Utilities Policy, Elsevier, vol. 41(C), pages 237-245.
    2. Krugman, Paul, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 483-499, June.
    3. Özdemir, Volkan & Yavuz, H. Buğra & Tokgöz, Emine, 2015. "The Trans-Anatolian Pipeline (TANAP) as a unique project in the Eurasian gas network: A comparative analysis," Utilities Policy, Elsevier, vol. 37(C), pages 97-103.
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    1. Filip Božić & Daria Karasalihović Sedlar & Ivan Smajla & Ivana Ivančić, 2021. "Analysis of Changes in Natural Gas Physical Flows for Europe via Ukraine in 2020," Energies, MDPI, vol. 14(16), pages 1-22, August.
    2. Ozarisoy, B. & Altan, H., 2022. "Significance of occupancy patterns and habitual household adaptive behaviour on home-energy performance of post-war social-housing estate in the South-eastern Mediterranean climate: Energy policy desi," Energy, Elsevier, vol. 244(PB).
    3. Hasim Altan & Bertug Ozarisoy, 2022. "An Analysis of the Development of Modular Building Design Elements to Improve Thermal Performance of a Representative High Rise Residential Estate in the Coastline City of Famagusta, Cyprus," Sustainability, MDPI, vol. 14(7), pages 1-50, March.

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