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2017-12-06 12:15:00

MEDITERRANEAN GAS FOR EUROPE

MEDITERRANEAN GAS FOR EUROPE

PENNENERGY - A potential undersea pipeline carrying natural gas from deposits in the eastern Mediterranean to Europe is "very realistic" and could help secure the continent's energy future, Israel's energy minister said Tuesday.

Yuval Steinitz said that a study on the "strategic" EastMed Pipeline Project shows that the pipeline is feasible, even though it presents technical challenges due to the depths involved.

He said the estimated 6.2 billion-euro ($7.36 billion) pipeline could take 6-7 years to build and that the countries involved in the project "are serious about it, it will happen."

The Israeli official said an undersea pipeline would be less vulnerable to sabotage and won't have to cross many national boarders to reach markets, making it a safer investment.

"This is one of the best projects," Steinitz told The Associated Press ahead of the signing of an agreement between Cyprus, Israel, Greece and Italy affirming their commitment to moving ahead with the project.

Steinitz said significant deposits already discovered in the east Mediterranean, including Israel's Leviathan field are "just the tip of the iceberg" and that "it's very likely" that more gas will be found in Cypriot waters.

He said an Israeli-commissioned study estimated that further exploration off Israeli waters could find more than three times the 1 trillion cubic meters (35.31 trillion cubic feet) of gas that's already been discovered.

Italian energy company Eni, along with France's Total and ExxonMobil are now searching hydrocarbons off Cyprus. Two years, ago, Eni discovered in Egyptian waters the biggest gas field ever found in the Mediterranean.

Steinitz told reporters after the signing of the agreement that apart from the EastMed pipeline, Israel is considering building direct pipelines to neighboring countries including Egypt and Turkey.

Greece's Energy Minister Georgios Stathakis called Tuesday's signing a "major step forward" on a project that Athens considers "strategically very important for Europe."

In a joint statement after the signing, the four countries said the project would "secure a direct long-term export route from Israel and Cyprus to Greece, Italy and other European markets," bolstering the European Union's security of supply and promoting competition among gas suppliers.

Cyprus' Energy Minister Yiorgos Lakkotrypis said the four countries are looking to sign an overarching deal incorporating all the technical and economic aspects of the project next year.

Elio Ruggeri, chief executive of IGI Poseidon which is heading the project, told The Associated Press that there's now an oversupply of gas to Europe which will keep prices low and forestall new investment in infrastructure.

But a projected rise in gas prices will make construction of the 2,000-kilometer (1,250-mile) pipeline viable by its 2025 scheduled completion.

The pipeline would start about 170 kilometers (105 miles) off Cyprus' southern coast and reach Otranto, Italy via Crete and the Greek mainland.

It will have the capacity to carry up to 20 billion cubic meters (706 billion cubic feet) of gas yearly. Europe's gas import needs are projected to increase by 100 billion cubic meters (3.5 billion cubic feet) annually by 2030.

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Earlier:

 AN IMPORTANT ISRAELI GAS
2016, September, 30, 18:35:00

AN IMPORTANT ISRAELI GAS

Europe sees Israel and the region as an important supplier of gas to Europe

 

 LEVIATHAN'S DEVELOPMENT
2016, June, 20, 18:05:00

LEVIATHAN'S DEVELOPMENT

According to a development plan approved this month by the energy ministry, Leviathan's three anchor customers for its phase 1 development are expected to be the domestic Israeli market, the Jordanian power company Nepco and the Egyptian consortium Dolphinus Holdings, which was supposed to purchase gas from Tamar last year in a deal that has not materialized.

 

 RUSSIA & ISRAEL GAS TALKS
2016, April, 26, 20:00:00

RUSSIA & ISRAEL GAS TALKS

Putin's interest in Israeli gas is neither secret nor new. In 2012 Russia's Gazprom discussed the possible purchase of a 30% stake in Israel's offshore Leviathan gas field. In 2013 Gazprom signed a contract to purchase much of the Tamar gas field's production but the contract wasn’t approved by Israel's Energy Ministry.

 

 ISRAELI GAS DECISION
2016, March, 29, 18:45:00

ISRAELI GAS DECISION

Critics said the deal gave too much profit to corporations at the public's expense. The court opposed a clause that would prevent Israel from making significant regulatory changes for the next ten years.

 

 ISRAEL & RUSSIA COLLABORATION
2016, March, 19, 19:00:00

ISRAEL & RUSSIA COLLABORATION

Israel and Russia are about to agree upon a modus operandi in the East Mediterranean concerning weapons and natural gas deals, several Israeli media reports indicate. According to various assessments, the bottom line of such an agreement would be that Israel will not sell natural gas to Turkey and, in return, Russia won't supply S-300 anti-aircraft missiles and other advanced weapon systems to Iran and other regional enemies of Israel.

 

 ISRAEL'S GAS POLICY
2015, May, 28, 18:40:00

ISRAEL'S GAS POLICY

Discoveries of natural gas offshore Israel signalled the eastern Mediterranean as a new frontier for the development of natural gas resources. The gas discoveries provide a unique opportunity for Israel to change its mentality vis-à-vis neighbouring countries and view the resources as a tool for strengthening regional cooperation and solidarity through energy diplomacy. While security concerns in Israel remain paramount, diplomacy in the context of the eastern Mediterranean transcends traditional foreign and security policy considerations, and attempts to use economic and commercial means to interlink the countries of the region through energy relations.

 

 ISRAEL: GAS IS A KEY
2014, October, 7, 19:55:00

ISRAEL: GAS IS A KEY

After this summer’s war in Gaza battered Israel’s international reputation, the country’s leaders say they have a new foreign policy tool to build relations with its neighbors: natural gas.

Tags: GAS, EUROPE, ISRAEL

Chronicle:

MEDITERRANEAN GAS FOR EUROPE
2017, December, 11, 09:55:00

SAUDIS OIL FOR JAPAN

REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.

MEDITERRANEAN GAS FOR EUROPE
2017, December, 11, 09:50:00

U.S. EMPLOYMENT UP BY 228,000

U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.

MEDITERRANEAN GAS FOR EUROPE
2017, December, 11, 09:45:00

ДОХОДЫ РОССИИ: +204,8 МЛРД. РУБ.

Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в декабре 2017 года прогнозируется в размере +204,8 млрд руб.

MEDITERRANEAN GAS FOR EUROPE
2017, December, 11, 09:40:00

OPEC WILL BACK BY 2040

“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”

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