Israel to consider the changing external energy landscape Mehmet Öğütçü Chairman UOG, November 2015 Tel Aviv, Israel

See the Big Picture Consider East Med’s energy wealth and future prospects in the broader context of the global energy dynamics, particularly in relation to – gas export options – raising billions dollars of investment – bringing in the majors with technology, finance and management and – managing complex geopolitical tensions in the region.

Is a new “Great Energy Game” underway? = Supply and demand map has changed beyond recognition. There are new players Renewables and nuclear renaissance are gaining speed Technological breakthrough for new fuels, efficiency improvements and lifestyle IOC vs NOCs: need for new forms of partnership Investment needs are collossal Geopolitical tensions are on the increase

How do new and existing players act? Russia and Saudi Arabia as the energy superpower giving way to the US? China’s quest for energy security worldwide and its Silk Road initiative Iran’s re-entry into global energy equation Southern gas Corridor, Turkish Stream and Nord Stream for Europe? The Arctic as a new theatre of geopolitical and energy competition between the West and Russia Australia and other LNG players coming on stream

What’s new in the East Med? Egypt: How will the Zohr discovery affect its future fortunes? Cyprus: Inadequate gas finds and new political impetus Lebanon: Still a sleeping player? Syria: Immobilised for the time being Turkey: An off-taker and geopolitical trouble? Israel: Need for a more investment friendly regime

Messages for governments and businesses Keep watchful eye on how world energy dynamics change, and engage with new players towards regional energy integration from Magreb to Mashraq Speed up reforms aimed at enticing investors which are on high demand around the world and build the necessary technological and human capacities Address geopolitical risks through negotiations and confidence building measures and reduce terrorism threats Push for business-to-business deals, with governments in the back seat