Energean CEO Mathios Rigas spoke about the benefits that Cyprus could gain from importing natural gas via a pipeline from Israel, speaking at the 13th Energy Symposium taking place in Nicosia on Wednesday, November 19.
According to a company statement, Rigas stressed that Energean in the Mediterranean has a total production of approximately 7.5 billion cubic meters per year in Egypt, Italy, Croatia and Israel. In Israel, the company covers almost 50% of domestic demand from the Karish field, which belongs to Energean 100% and is located at a depth of 1,600 meters, 90 km from the coast. At the same time, it is promoting natural gas exports through the Nitzana pipeline to Egypt and Jordan, while it recently announced that it will conduct new exploratory drilling in the Northwest Ionian Sea in Block 2, in Greece, in collaboration with ExxonMobil.
Energean has been operating as an Operator for 17 years in six countries, with strong expertise and deep knowledge of the geology of the Eastern Mediterranean, having already carried out 10 successful drillings in the Israeli EEZ and dozens in Egypt and Greece in recent years. At the same time, it has invested over 3 billion dollars in the development of important infrastructure in record time, such as the FPSO Energean Power, the only unit of this type operating in the Mediterranean, as well as the natural gas pipeline to the Israeli market.
A project with benefits for Cyprus and Israel
As emphasized by the company, the natural gas pipeline from Israel to Cyprus has the support of the Israeli government and is expected to benefit both countries, enhancing cooperation and the development of a more competitive regional natural gas market.
Rigas noted that the direct interconnection via the Israel-Cyprus pipeline is fully complementary to the existing planning of the Republic of Cyprus for the FSRU in Vasilikos. “It is necessary for all planned infrastructures to proceed in order for Cyprus to exploit its geographical location and become an energy hub in the region,” he said.
The project of transporting natural gas to Cyprus from Israel entails significant benefits, as it:
- It strengthens the energy security of Cyprus, expanding the sources of natural gas supply on a complementary basis to the national energy plan.
- It creates competition in the natural gas market to the benefit of the consumer, which will lead to significantly lower electricity prices.
- It promotes cleaner electricity generation, replacing petroleum fuels.
- It creates conditions for more stable energy costs and supports economic growth.
- It contributes to reducing CO₂ emissions and approaches European decarbonization goals.
- It strengthens energy cooperation in the Eastern Mediterranean and contributes to the creation of new energy corridors which in the future may also have a two-way flow.
“Energean supports a free market, healthy competition and security of supply. Our proposal offers a practical and economic solution to lift Cyprus’ energy isolation, providing direct access to natural gas from a neighboring country and supporting the transition to a cleaner and more sustainable energy reality, while also contributing to the development of domestic deposits for export via Egypt”, stressed Rigas.
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