To meet its expanding needs, Europe is heavily reliant on Russian natural gas. In recent decades, there have been efforts to reduce this reliance by investing extensively in renewable energy sources. Natural gas is expected to play a significant role among renewables and in the future energy mix. Methane hydrates is a source of methane gas in crystalline formation that looks like ice and can be found in permafrost regions or under the sea in outer continental margins. Methane hydrates have the potential to revolutionize future gas production. Several countries including the United States of America, Japan, and Canada have invested heavily in research programs in order to find viable ways to extract natural gas from hydrates. These countries have successfully achieved small scale production, demonstrating that natural gas extraction from hydrates is technically feasible. In the Eastern Mediterranean Sea, under the EU-funded "Anaximander Project," significant methane hydrate samples have also been recovered (2003-2004). However, there has been no additional progress in carrying out exploration and production test programs since then. The purpose of this study is to demonstrate the significance of the methane hydrates as a potential resource and reserve for natural gas. The projected scenario of domestic conventional gas production combined with gas produced from hydrates may help diversify Europe's gas resources and reduce the EU's reliance on external sources of natural gas. Under this prism, the EU should continue to investigate methane hydrate deposits by making the necessary investments and executing production test programs as well as continue funding all relevant research programs.