Sustained low gas prices, on top of complicated politics, mean international tie-ups are the last best hope of fully monetizing actual and potential Cypriot and Israeli deepwater gas finds.

Politics has been a key stumbling block to fully monetizing gas discovered in the East Mediterranean deepwater. With the exception of Egypt’s 24 tcf Zohr, which has a hungry domestic market to sate, and Israel’s 10 tcf Tamar, which alone meets 55% of that country’s power demand, other...