It had been my understanding that the eastern half of the Mediterranean Sea was underlain by sedimentary basins (such as shown on this map here) but I had wondered if it had ever been explored for oil. Then I just encountered the following article about oil in Syria. Most of the article talks about oil exploration onshore Syria (you can ignore that if you want), but the following passage at the end caught my eye.
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$this->bbcode_second_pass_quote('', 'E')xperts say the basin of east Mediterranean extends between Italy and the Gulf of Serte in Libya in the west and the al-Ghab plains (Syria), Bekaa valley (Lebanon), the Dead Sea (occupied Palestine) and the Red Sea (Egypt) in the east. Oil fields in Serte and the Delta gas fields in Egypt are the most important discovery in the Med. region. New surveys showed the existence of big sea structures, especially "Eratoshenes" south of Cyprus. This structure is 100 kilometre long and 90 km width. Another 50 km-long structure is located in west of Tartous and reaches up to the coast of Lattakia. The "Levantine" structure in the basin of Lattakia has a sedimentation cover of 12 km thickness. Experts confirm that seismic and geological surveys have shown that the big basin of the east Med. region is rich in oil and gas crude and large reserve quantities are promising.


This is as much for my own education as anything else. 

