Europe

Israel-Cyprus gas pipeline plan feasible

Construction of a natural gas pipeline from Israel to Cyprus could be revived if Energean’s recent gas discoveries in the Israeli waters prove to be as fruitful as originally estimated.

In a comment to the Cyprus News Agency, Charles Elinas, Senior Fellow of the Atlantic Council’s Global Energy Center, was convinced of the region’s potential after being discovered by the Greek oil and gas company Energen in the Athena gas field in Israel. He said it was high.

Ellinas said the 8 billion cubic meters found were very small, and the company expected to discover more than 20 billion.

He said the gas field Aphrodite in Cyprus has 116 billion cubic meters of natural gas.

“This does not help Energean proceed with the export project.

“But the company has an” Olympus area ” 50 billion cubic meters Of natural gas based on their latest calculations.

“Enagean says he will continue drilling. They are confident in finding more natural gas deposits and can proceed with new projects, including the possibility of exporting to Cyprus.”

At a tripartite meeting of the Ministers of Energy of Greece, Cyprus and Israel in April, Enerjean proposed bringing the mobile liquefaction unit Hilli Episeyo FLNG, now owned by the Norwegian company Golar LNG in Cameroon, to Cyprus.

The unit is contracted until 2026, where Energen proposes to place it in Vasilico, where it liquefies and exports large amounts of natural gas coming from Israel to Cyprus via a pipeline.

“Apart from the fact that our partner is Golar, the team also includes Vitol, the owner of Vasiliko’s VTTI tank, so I think the project is likely to move forward,” Ellinas said. increase.

Bitre is the world’s largest oil and gas trading company and is interested in purchasing all the LNG produced by Hilli Episeyo FLNG.

Cyprus, as Elinas said, can be gassed directly from the pipeline and is created at a cost of about $ 6-7 per 1000 cubic feet.

Energean says that if Cyprus is interested in importing gas through the pipeline, the companies participating in the consortium will fund it and build it within two years at a cost of up to $ 1.5 billion.

Ellinas seemed confident that the project would proceed once the required amount was found. “The quantity is available, the liquefaction plant is there, and the buyer is ready.”

See the Aphrodite gas field in Cyprus EEZEllinas believes it’s unlikely to be abused as negotiations with Chevron aren’t over yet, but first-quarter results issued by U.S. companies don’t mention investing in Cyprus. ..

But they refer to Israel, where chevrons are active in the gas fields of Tamar and Leviathan.

“They are likely to step up exports from Israel to Egypt, where the gas is liquefied.

“At the same time, Egypt’s exports of natural gas are expected to triple this year.”

 

 

 

 

post Israel-Cyprus gas pipeline plan feasible First appeared Financial mirror..

https://www.financialmirror.com/2022/05/10/plans-for-israel-cyprus-gas-pipeline-feasible/ Israel-Cyprus gas pipeline plan feasible

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