Page 12 - Euroil Week 32 2019

EurOil PIPELINES & TRANSPORT EurOil
East Med balances pipeline and LNG plans
SOUTH EUROPE
A ministerial meeting between Greece, Cyprus and Israel – and the US – has endorsed plans for the development of hydrocarbons in the Eastern Mediterranean. Particular support was given to Cyprus’ plans in its exclusive economic zone (EEZ), where Turkey began drilling a second well last week.
While there has previously been discussion of LNG exports from Cyprus and Israel’s o shore gas resources, this was not mentioned in Greece’s o cial statement. Instead, it noted the support of the three countries for the East Med gas pipeline, which it said was a “project of major signi cance for the energy security of the European Union that also establishes a strategic link between Europe and Israel”.
An intergovernmental agreement was signed on the pipeline in December 2018. It was approved by the European Commission in February. e proposed 2,200-km pipeline has a projected cost of $7bn. It would run, via Greece and Crete, to Otranto, in Italy.
Hosting the meeting was Greek Energy Minister Kostas Hatzidakis. Also attending was the US Assistant Secretary of State for Energy Resources, Francis Fannon. The three local ministers and US o cial signed a document in support of the Eastern Mediterranean Energy Corridor, which should help underpin the EU’s energy security.
In comments at the end of the conference, Israeli Minister of Energy and Water Juwal Stein- itz expressed high hopes for the East Med pipe- line, although he went on to note the attraction of Egypt for Israeli gas. “Israeli gas is going to be exported to Egypt in approximately one month’s time from now – plus or minus a few weeks – the rst transmission of Israel’s gas to Egypt will take place and some of it will also be going to Egyptian LNG facilities to be exported through Egypt to Europe”.
His Cypriot counterpart, George Lakkot- rypis, highlighted plans for the East Mediterra- nean Gas Corridor. “It is particularly important for us to nd ways of how we can actually mon- etise this wealth”, the minister said, noting the cash and expertise the US and its companies can bring to bear. “I was very happy to receive the solidarity and full support of my colleagues but also the US for the right of Cyprus to explore and exploit its natural resources.”
Bunkering
Greece is working on additional gas use plans. In late July, the Greek Ministry of Environment and Energy approved a project with 3,000 cubic metres of storage in the port of Patras, under the Poseidon Med II programme. is facility is intended to support the use of LNG as a marine bunkering fuel. ™
P12
w w w . N E W S B A S E . c o m Week 32 15•August•2019