AHI Virtual Forum Examines the Present and Future of Energy Development in the Eastern Mediterranean

No. 64

WASHINGTON, DC — The American Hellenic Institute (AHI) hosted a virtual forum titled "From Discovery to Delivery: The Present and Future of Energy Development in the Eastern Mediterranean" on October 1, 2026. In a far-ranging conversation moderated by AHI President Nick Larigakis, Dr. Andrew R. Novo, Non-Resident Senior Fellow for the Eastern Mediterranean at the American Hellenic Institute Foundation (AHIF), and the Honorable Jonathan R. Cohen, former U.S. Ambassador to Egypt, discussed the status of hydrocarbon exploration and extraction in the region and its practical impact for business leaders and policymakers.

For nearly two decades, Eastern Mediterranean gas discoveries, projects, and provocations have been in the public eye. Developments such as the 3+1 dialogue and strategic framework among Greece, Cyprus, Israel, and the United States, the East Mediterranean Gas Forum, and the East Med Connector have made headlines and reshaped regional narratives. Actual extraction and export, however, have fallen short of often lofty aspirations. While some progress has been made in monetizing Egyptian and Israeli gas, obstacles to broader monetization remain.

The panelists offered insights into the status of several major projects and the geopolitical context shaping the region. Both panelists emphasized the importance of tempering expectations, with Ambassador Cohen stressing the need for governments "to listen to industry leaders" about which projects are feasible and profitable.

The discussion also highlighted numerous opportunities for American businesses, as well as the continued role the United States can play in promoting peace and stability in the region in coordination with its allies and partners. For example, Halliburton secured a bundled well construction and completions contract from Eni S.p.A. E for the Cronos ultra-deepwater development in Block 6 of Cyprus' Exclusive Economic Zone and the Cypriot government produced a “Commerciality Declaration” in July, targeting 2033 for the start of production with ExxonMobil.

"With all that's been said and written about these issues, we're finally at a point where serious investments are being made," said Dr. Novo. "There are real prospects for monetization if political leaders have the courage to be realistic."

The forum is available to view on the AHI YouTube channel.