Saturday, June 17, 2017

Cyprus to partner with Israel and Greece to tap natural gas bounty

Cyprus Mail:

offshore oil drilling rig

Cyprus, Greece and Israel said on Thursday they would speed up plans for the development of a pipeline channeling gas to Europe from newly discovered east Mediterranean reserves.

European governments and Israel agreed in April to move forward with a Mediterranean pipeline project to carry natural gas from Israel to Europe, setting a target date of 2025 for completion.


The planned 2,000-km pipeline aims to link gas fields off the coasts of Israel and Cyprus with Greece and possibly Italy, at a cost of up to €6 billion


Israel has discovered more than 900 billion cubic metres (bcm) of gas offshore, with some studies pointing to another 2,200 bcm waiting to be tapped. Along with the European market, it is exploring options to export to Turkey, Egypt and Jordan.

Cyprus’ Aphrodite gas field holds an additional 128 bcm, and Cypriot waters are expected to hold more reserves.

The discovery of tremendous quantities of natural gas offshore Cyprus is another reason I am bullish on Cyprus. It will take some time to develop these natural gas reserves. However, once complete Cyprus will realize a big windfall. Bank of Cyprus is the way I am playing the continued growth in the Cypriot economy.

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