Could the recent oil and gas discoveries in the Aegean Sea turn the region into the 'New Gulf'?

 Al Jazeera

Hundreds of billions of dollars worth of oil and gas are believed trapped under the seabed around Greece - enough to wipe out the country's debt for good.

But can they get to it? And who else is looking to get their hands on the energy bonanza?

Some experts say the recent discoveries of oil and gas in the Aegean Sea could turn the entire region into the 'New Gulf'. But where there is oil, there is usually some sort of conflict.

The country believes that it has at least $600bn worth of gas and oil reserves.

And the US Geological Society estimates there are around 22 billion barrels of oil in the Ionian Sea, off western Greece, and another 4 billion barrels in the northern Aegean Sea.

Turkey also has oil and gas in the area - its total reserves are estimated at about 20 trillion cubic feet.

There is an estimated 7 billion cubic feet of natural gas off the shore of the Greek-held part of Cyprus. In fact the eastern Mediterranean - surrounded by Israel, Lebanon, Syria and Cyprus - holds an estimated 1.7 billion barrels of oil and 122 trillion cubic feet of gas - enough to supply the world for a year.

Meanwhile, Israel has 33 trillion cubic feet of gas, which is worth about $670bn.

We look at how Greece may cancel its debt by tapping into these natual resources.

Source:  http://www.aljazeera.com/programmes/countingthecost/2013/03/2013316112510773383.html?utm_content=automate&utm_campaign=Trial6&utm_source=NewSocialFlow&utm_term=plustweets&utm_medium=MasterAccount