By Dr. Pshtiwan Faraj | Kurdish Policy Analysis The one-year agreement is modest in size but could reshape Iraq's gas market, strengthen the Kurdistan Region's strategic role, and gradually erode Tehran's decades-long energy leverage. Dana Gas's one-year gas agreement with Baghdad could mark the beginning of Iraq's gradual shift away from dependence on Iranian gas while elevating the Kurdistan Region's strategic importance. For years, Iran has occupied an indispensable position in Iraq's energy sector. Every summer, when electricity demand surges, Iraqi officials have relied heavily on Iranian natural gas to keep power stations operating despite recurring supply disruptions, sanctions complications, and political tensions. That long-standing dependency may now be beginning to change. Dana Gas and Crescent Petroleum have signed an agreement with Iraq's Ministry of Electricity to supply 100 million standard cubic feet per day (100 MMscf/d) of n...
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The Hidden War Beneath the Eastern Mediterranean: Gas, Power, and Politics
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Forget terrorism and nuclear fears—the real battle is over trillions of cubic feet of natural gas and billions in oil reserves under Gaza, Lebanon, and Israel.
The war in Gaza has never been just about Hamas. And the conflicts now escalating across the Middle East aren’t only about nuclear weapons or terrorism.
Beneath the eastern Mediterranean lies a secret almost nobody talks about—but it may explain everything happening on the surface.
In 1999, British Gas discovered two significant natural gas fields off Gaza’s coast: Gaza Marine 1 and Gaza Marine 2. Located just 36 kilometers offshore, these fields are estimated to hold up to 1.4 trillion cubic feet of natural gas.
The Palestinian Authority signed a 25-year license with British Gas: develop the fields, and Palestinians would receive their share of revenues. But Israel blocked it—for 25 years. Every negotiation, every deal, every attempt to develop the gas was stopped.
When Hamas won the elections in 2007, Israel imposed a naval blockade, halting offshore development entirely. By December 2008, British Gas closed its offices in Tel Aviv and walked away.
Today, that gas remains untouched underwater, and the Palestinian people have never received a single dollar from it.
According to UNCTAD, the United Nations trade body, Palestinians lost an estimated $4.59 billion in potential revenue over 18 years from these fields.
But Gaza Marine is just the beginning. It’s part of a much larger and more valuable region: the Levant Basin Province.
In 2010, the US Geological Survey assessed the Levant Basin and found:
122 trillion cubic feet of natural gas
1.7 billion barrels of oil
This vast offshore region stretches across the coasts of Gaza, Israel, Lebanon, Syria, and Cyprus, making it one of the largest offshore gas provinces ever discovered.
Israel sits at the center, controlling major fields like Tamar and Leviathan—the latter the largest in the Mediterranean. In January 2026, just weeks before this war escalated, Chevron approved new investments to expand Leviathan’s production.
This raises key questions:
Why does Israel want full control of the Lebanese coastline?
Why is the war pushing into Lebanon?
Why does Lebanon matter beyond Hezbollah?
The answer: Lebanon’s coastline sits directly above a portion of the Levant Basin, with an estimated 30 trillion cubic feet of gas. Syria’s coast also sits atop this energy treasure. Control over the entire eastern Mediterranean coastline means controlling the energy supply that Europe desperately needs after the Russia-Ukraine war disrupted Russian gas exports.
Here’s a truth about wars: “Governments don’t spend trillions of dollars and thousands of lives for ideas—they spend them for assets.”
The asset in this conflict is clear: the Levant Basin. 122 trillion cubic feet of gas, 1.7 billion barrels of oil, beneath a strip of water that the world is increasingly fighting over.
This isn’t a conspiracy theory. The US Geological Survey published the numbers in 2010, UNCTAD confirmed Palestinian stakes in 2019, and the Leviathan and Tamar fields are already producing today. Every country controlling a piece of the eastern Mediterranean coastline controls part of the most valuable underdeveloped energy resource on the planet.
The financial reality behind the headlines is undeniable: “The person who controls the energy controls the economy.”
In 1974, oil shaped the world. In 2026, it’s the gas beneath the eastern Mediterranean.
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