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2018-03-11 11:10:00

ISRAELI GAS FOR EUROPE

ISRAELI GAS FOR EUROPE

REUTERSIsrael expects a decision to go ahead with the construction of a 2,000 kilometer (1,243 mile) pipeline linking vast eastern Mediterranean gas resources to Europe to be made by early 2019, Israeli Energy Minister Yuval Steinitz told Reuters.

The pipeline, which will cross from Israel and Cyprus into Greece and Italy in deep waters, would mark a major milestone for the rapidly developing gas industry in the Levantine Basin in the east corner of the Mediterranean, offering access to a large market.

The European Union considers the pipeline, estimated to cost $7 billion, as "extremely competitive" as the four partner countries continue construction plans for the technically complex line, Steinitz told Reuters late on Wednesday on the sidelines of the CERAWeek conference in Houston.

"This summer we will reach a detailed agreement between the four founding states of the East Med pipeline and at the beginning of 2019 we hope to see a final investment decision," he said.

The pipeline, known as East Med, will be able to transfer between 9 to 12 billion cubic meters (bcm) annually, he said. The project owners are IGI Poseidon, a joint venture between Greece's natural gas firm DEPA, and Italian energy group Edison.

More than 900 bcm of gas have been discovered offshore Israel while Cyprus' Aphrodite gas field holds an additional 128 bcm. Both areas are expected to hold more reserves.

Israel, where gas consumption has risen sharply over the past decade, will have 400 to 500 bcm available to export, Steinitz said.

The vast amounts of gas discovered since the early 2000s in Israel have transformed the region's economic reality as it signed a number of deals to sell natural gas to neighbors Jordan and Egypt.

Israel is also considering the construction of a pipeline to Turkey, where gas demand is rapidly growing, although the project appears to have stalled in recent years amid political tensions between the two countries.

"We can export to Egypt, Jordan and Turkey and still have enough extra gas for the pipeline," he said.

Israel plans to launch this summer a new auction for 20 to 30 exploration offshore blocks to trigger the development of further gas resources, Steinitz said.

An auction late last year nevertheless attracted limited interest with Greece's Energean and a consortium of Indian companies picking up blocks.

In a sign of Israel's growing efforts to attract foreign investors into the budding energy industry, the country recently opened an economic mission in Houston.

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Earlier:

 W.Europe
2018, March, 4, 11:25:00

RUSSIAN GAS FOR EUROPE

REUTERS - Russia’s Energy Minister Alexander Novak told European Commission Vice President Maros Sefcofic in a phone conversation that gas transit would not be at risk until Gazprom and Naftogaz fully terminated their agreement.

 

 W.Europe
2018, February, 12, 07:35:00

GAS SHORTAGE FOR EUROPE

REUTERS - “Europe completely miscalculated when they assumed that they won’t need much additional gas and if they need some it can be supplied from outside Russia,” Medvedev, who looks after exports for the world’s top gas producer and exporter, said.

 W.Europe
2018, January, 31, 10:50:00

GAZPROM SHARE 35%

REUTERS -Speaking at the European Gas Conference in Vienna, Gazprom Chairman Viktor Zubkov said the company’s share of the European gas market, where it generates the majority of its revenue, rose last year to a record high of more than 35 percent, from about 33 percent in 2016.

 

MEDITERRANEAN GAS FOR EUROPE
2017, December, 6, 12:15:00

MEDITERRANEAN GAS FOR EUROPE

PENNENERGY - 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.

 

 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.

 

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.

 

 

Tags: ISRAEL, GAS, PIPELINE, EUROPE
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