Reuters: Black Sea gas bonanza remains elusive
Southeast Europe is hoping increased natural gas exploration in the Black Sea will help cut its dependency on Russian supplies, but a gas bonanza remains elusive and Moscow is taking steps to defend its dominant position in the region.
Despite previous efforts, the Black Sea has so far not produced much gas because deep water and tough geology have required costly high-tech equipment.
But advances in technology and an improved business climate have helped fuel optimism in a region that has disappointed exploration firms in the past.
"More companies are getting more of an appetite for offshore drilling and they think that they, unlike those who tried previously, have a real shot at it," said Alex Jackson, a political risk analyst at London-based Menas Associates.