Egypt Moves Forward with Greece Electricity Interconnection Project, Eyes €1 Billion in Funding - SEE (SADA ELBALAD ENGLISH)

Sun 02 Mar 2025 | 09:32 AM
Ahmed Emam

Egypt is set to begin implementing its electricity interconnection project with Greece before the end of the second half of this year, according to government sources.

The project, classified as a priority initiative within the European Union, is expected to receive a €1 billion grant and concessional financing.

Sources told Al Arabiya Business that three European financial institutions have expressed interest in funding the joint Egypt-Greece electricity transmission project. Further discussions on the financing arrangements are scheduled for next month.

During a meeting last week with Egyptian Minister of Electricity Mahmoud Esmat, representatives from the Greek energy group Copelouzos presented their proposed mechanisms for the project. They also recommended that the exchanged electricity be generated from renewable energy sources.

"Electra" and "Pegasus" Shape Cyprus’s Energy Future - FAST FORWARD

08 Jan 2025

ExxonMobil has completed all necessary preparations to begin exploratory drilling at the "Electra" target within Block 5 of Cyprus’s Exclusive Economic Zone (EEZ). Drilling is expected to commence within the next two weeks, marking one of the most significant initiatives by ExxonMobil and Qatar Energy in the region. The company also plans to explore the "Pegasus" target, leveraging seismic data to identify potential reserves and contribute to Europe's energy solutions amid challenges stemming from the war in Ukraine.

Mediterranean Energy in Focus

As Brief reports, ExxonMobil’s plans align with the broader shift in global energy strategies, as the European Union seeks to secure its energy future. Investors are closely monitoring developments in the Mediterranean, a region that promises energy security alongside economic benefits.

Why Greece Is Betting Big on American Gas - THE NEW YORK TIMES

May 31, 2024
Max Bearak

When a withering financial crisis forced Greece to rethink its economy a decade ago, it bet big on green power​. Since then, Greece’s energy transition has been so swift “it almost feels utopian​,”​ one Greek environmentalist said.

​Mountainous ridgelines and arid islands ​are covered in wind turbines and solar panels​ that ​today provide nearly two-thirds of the nation’s electricity.​​​

But ​now Greece​ is deliberately pivoting back toward fossil fuels, just not to burn at home. This time it’s betting that it can become one of Europe’s main suppliers of natural gas, with much of it shipped from the United States.

Both Greek and European Union subsidies have funded new pipelines that crisscross the country and connect to a brand-new import terminal that will send gas to a broad swath of Central and Eastern Europe for decades to come.

Greece can nearly quadruple gas export capacity by 2025 - gas grid operator - REUTERS

November 30, 2022 — 07:30 am EST
Angeliki Koutantou

ATHENS, Nov 30 (Reuters) - Greece is becoming a European gas corridor and can nearly quadruple its gas export capacity to neighbouring countries in the coming years thanks to new infrastructure under development, Maria Rita Galli, the chief executive of the country's gas grid operator DESFA said on Wednesday.

In the wake of the war in Ukraine, Greece has this year more than halved its imports of Russian gas, instead ramping up deliveries of liquefied natural gas (LNG), mainly from the United States and Egypt, to its sole LNG facility at Revithoussa near Athens.

The terminal, which the government has called "indispensible", has also helped export gas to neigbouring nations including Bulgaria, which was cut off from Russian supplies earlier this year after refusing to pay in roubles.

EU official: East Med gas can wean bloc off Russian energy - ABC News

October 14, 2022, 8:34 PM

MENELAOS HADJICOSTIS

NICOSIA, Cyprus -- Natural gas from undersea deposits in the eastern Mediterranean can help replace Russia’s diminished supply of the fossil fuel to Europe as the continent also looks to make a quick transition to renewable energy, the European Union’s energy commissioner said Friday.

Commissioner Kadri Simson told the East Mediterranean Gas Forum conference in the Cypriot capital, Nicosia, that the region can play an increasingly important role as a short- to medium-term supplier of gas.

She pointed to a June deal for Israel to send more gas to EU countries through Egypt, which has facilities to liquefy it for export by sea.

Aphrodite back in the limelight - CYPRUS MAIL

September 25, 2022
Dr. Charles Ellinas

The roadmap to resolve the dispute with Israel is welcome but Europe is still phasing out gas

The news this week that the energy ministers of Cyprus and Israel agreed to a roadmap for future negotiations on how to resolve the long-standing dispute on how to share the Aphrodite gasfield that Israel claims extends into the adjacent Ishai block. This is long-overdue and is a welcome development. The two ministers have made significant progress on the principles of a unitization agreement and the terms for an expert to be appointed to advise on the Ishai share.

Teams from the two sides will continue the discussions “over the coming weeks,” but no firm timetable was given. However, with terms still to be agreed, an expert to be appointed, review the geological, survey and all drilling data and make recommendations for the two sides to agree, this will take months.

Bulgaria to double reserve capacity at new Greek LNG terminal - REUTERS

SOFIA, Aug 29 (Reuters) - Bulgaria has reached an agreement in principle to double its reserved capacity at a new liquefied natural gas (LNG) facility to be built off the northern Greek port of Alexandroupolis, the interim energy minister said on Monday.

Rossen Hristov told reporters that raising the reserved capacity to 1 billion cubic meters (bcm) of gas per year at the LNG terminal, expected to become operational at the end of 2023, will help the Balkan country ensure diversified and stable gas supplies.

The interim government, which has come under fire at home for seeking to renew gas supplies from Russia’s Gazprom , has said it plans to open tenders for mid to long-term gas deliveries and wanted to import more LNG gas through Greece.

The Alexandroupolis terminal is due to be built by a consortium of Greece’s Copelouzos family, Greek gas companies DEPA and DESFA, Bulgaria’s Bulgartransgaz and Cyprus’s Gaslog.

Eni makes a significant gas discovery offshore Cyprus - ENI

22 AUGUST 2022 - 11:00 AM CEST

San Donato Milanese (Milan), 22 August 2022 – Eni announces a significant gas discovery in the Cronos-1 well drilled in Block 6, 160 km off Cyprus coastline, in 2,287 metres of water depth. The Block is operated by Eni Cyprus holding 50% interest with TotalEnergies as partner.

Preliminary estimates indicate about 2.5 TCF of gas in place, with significant additional upside that will be investigated by a further exploration well in the area.

The well has encountered an important gas column in a carbonate reservoir sequence of fair to excellent properties. The intense data acquisition campaign has shown an overall net pay of more than 260m with intervals owning excellent permeability. Studies on a fast-track development options are already ongoing.

Eni pledges more gas for Europe to help cut reliance on Russia - REUTERS

March 18, 2022, 7:32 PM GMT+2

Stephen Jewkes

• Extra gas could come from Algeria, Egypt and beyond
• Eni steps up targets on path to carbon neutrality
• Returns raised but still disappoint, says broker

MILAN, March 18 (Reuters) - Italian energy group Eni said on Friday it could provide extra gas to Europe to help reduce reliance on Russian supplies after Moscow's invasion of Ukraine.

Eni made the pledge as it set out its strategy to 2025, promising investors better returns and vowing to pick up the pace on its climate ambition to be carbon neutral by 2050.

"We are leveraging our global upstream business and partnerships with producing countries to find alternative supply opportunities for Europe," Chief Executive Claudio Descalzi told a conference call.

The European Union, which relies on Russia for 40% of its gas and 27% of its oil, has proposed plans to replace nearly two-thirds of Russian gas imports this year and aims to phase out dependence on all Russian fossil fuels by 2027.

The US should link eastern Mediterranean gas to Europe to subvert Russia - THE HILL

MARCH/15/22 12:00 PM EDT

Nicholas Saidel, Godfrey Garner 

The Biden administration should pause its hyper-focus on renewable energy and support efforts to prevent Russian energy blackmail against our European allies. The European Union (EU) has declared it will cut reliance on Russian gas by two-thirds. If the U.S. is serious about energy security in Europe, it must help ensure that eastern Mediterranean natural gas makes it to Europe’s shores.

In late January, President Biden took the opposite route, surprising Greece, Israel and Cyprus — the regional entities in the U.S.-sponsored “3+1” cooperation framework — by withdrawing support for the EastMed Pipeline, an unfunded, multibillion-dollar concept conceived in 2016 that would have brought eastern Mediterranean gas to Europe via an underground pipeline. Biden cited climate change and economic viability concerns, both arguably reasonable positions at the time. However, considering Russia’s war in Ukraine and its downstream effects, Biden must show flexibility and adapt his natural gas policy.

Gas from the eastern Mediterranean could diversify Europe’s energy portfolio. Israel alone has approximately 2.2 trillion cubic meters of gas awaiting discovery. While it wouldn’t satisfy all of Europe’s needs, it would help to offset Russian gas imports. NATO countries such as Germany, Italy and Turkey could benefit from new suppliers, especially since German Chancellor Olaf Scholz has halted the Nord Stream 2 pipeline project that would have increased the country’s reliance on Russian gas. Like Germany, Italy is seeking alternative sources.

Ambassador Pyatt’s Remarks at AmCham East Med Act and 3+1 in Age of COVID-19 - US EMBASSY GREECE

June 2, 2020

Delivered (virtual roundtable)

Thanks Katerina. Well, let me start first of all by congratulating both the Atlantic Council and AmCham for this event, and in the same way as Ben said, the Atlantic Council has made a big bet on Greece, the United States has made a big bet on the 3+1 framework as a means to build stability and prosperity in a strategically dynamic region. We can see the challenge of great power rivalry returning to the region, even during this Coronavirus period.

I would just say a couple of quick points. Minister Hatzidakis spoke well to the benefits to Greece from this trilateral cooperation. For the United States, first of all, I should highlight that energy has been one of the real bright spots of our bilateral relationship for a few years now. We see Greece emerging as a major source of energy security across southeastern Europe with a whole variety of projects from the expanded Revithoussa terminal to the TAP pipeline to the IGB pipeline now moving ahead to the Floating Regassification Unit in Alexandroupoli.

Pyatt at Thessaloniki Summit: “Energy Collaboration the Brightest Aspect of Greece-U.S. Relations” - THE NATIONAL HERALD

November 14, 2019

THESSALONIKI- US Ambassador to Greece Geoffrey Pyatt spoke of ”the collaboration on energy is one of the brightest aspects of the relationship between Greece and the US,” while addressing the Thessaloniki Summit 2019 on Thursday, which he is attending for a third time.

Pyatt underlined that US presence in northern Greece is much more apparent compared to previous years, as “we have made the city of Alexandroupolis our strategic focus,” and he referred to the Trans Adriatic Pipeline (TAP), the Gas Interconnector Greece-Bulgaria (IGB) and the Floating Storage Regasification Unit (FSRU) of Liquefied Natural Gas (LNG) as the three elements that make the northern Greek city so significant.

He especially praised TAP’s potential for “changing Europe’s energy map and bringing non-Russian gas to European customers.”

JOINT STATEMENT following the Ministerial meeting between Greece-Cyprus-Israel and the United States Regarding cooperation in the field of Energy - MINISTRY OF ENVIRONMENT & ENERGY, GREECE

Athens, August 7th, 2019

The Energy Ministers of the Hellenic Republic, Mr. Kostas Hatzidakis, the Republic of Cyprus, Mr. Georgios Lakkotrypis, the State of Israel, Mr. Yuval Steinitz, and the Assistant Secretary of State for Energy Resources of the United States of America, Mr. Francis Fannon, met today in Athens regarding cooperation in the field of energy, while affirming their shared commitment to promote peace, stability, security and prosperity in the Eastern Mediterranean region.

Mr. Fannon underlined the increasing and tangible support of the US government for the establishment of a structured quadrilateral mechanism for cooperation that focuses on energy matters.

The Ministers and the United States identified several significant areas of common interest, including, inter alia, infrastructure projects, renewable energy and energy storage, emergency preparedness, environmental protection and cyber security, while agreeing to establish a High Level Working Group (HLWG) that will highlight specific energy projects and propose ways of promoting their implementation. The Ministers have agreed to work towards signing an agreement for a joint emergency preparedness and response mechanism for offshore oil and gas operations. The HLWG will report its progress to the Ministers of Energy on a regular basis.

Things Are About to Change: Oil and Gas Have Been Found in the Eastern Mediterranean - THE NATIONAL INTEREST

March 10, 2019

Tony Chavez

Large quantities of oil and natural gas have been discovered in the East Med and the race to extract them has begun. These hydrocarbon finds hold the potential to build regional stability and to bolster the economies of important US allies and partners, all of which is in the interest of the United States. But these discoveries could just as easily stoke further instability and conflict if nations default to historic resentments and if regional powers jockey to monopolize on or block access to this strategic treasure.

Extending from Israel and Egypt in the East and South to Turkey, Greece and Italy in the North and West, the Eastern Mediterranean has long been an economically dynamic and politically important region for the United States and its NATO allies. It is about to become even more important.

Large quantities of oil and natural gas have been discovered in the East Med and the race to extract them has begun. These hydrocarbon finds hold the potential to build regional stability and to bolster the economies of important U.S. allies and partners, all of which is in the interest of the United States. But these discoveries could just as easily stoke further instability and conflict if nations default to historic resentments and if regional powers jockey to monopolize on or block access to this strategic treasure.

Cypriot Energy Minister Announcing the Glaucus 5-8 tcf discovery - LINKED-IN

28 February 2019 

Georgios Lakkotrypis, Minister of Energy, Commerce, Industry & Tourism at Government of Cyprus:

"@ExxonMobil & @QatarPetroleum make a world-class discovery offshore #Cyprus at #Glaucus. A high-quality reservoir 5-8 TCF of #NatGas is added to the country’s reserves. It demonstrates the emergence of the Republic‘s #EEZ as an alternative indigenous source of supply to the #EU."

Israel's Leviathan Energy Prize: Where Will The Gas Go? - FORBES

Feb 19, 2019, 07:35am
Ariel Cohen

Israel is finally emerging as a natural gas player in the Mediterranean. In the last week of January, the Israeli Navy conducted a complex drill simulating attacks on the country’s offshore oil and gas infrastructure. The exercise included coordinated operations between dozens of naval vessels and aircraft, and even incorporated a live-fire missile test against an abandoned cargo vessel (imitating an enemy transport filled with Hamas or Hezbollah militants). Israel’s week-long “Raging Sea” operation comes on the heels of two joint military drills with Cypriot forces held in November and December – presumably to protect the region’s newest and most valuable energy asset – the Leviathan offshore gas field.

The Leviathan falls almost exclusively in Israeli territorial waters, but neighboring states have demonstrated a mutual interest in seeing the reservoir and surrounding plays developed. Indeed, the vast economic potential of Eastern Mediterranean hydrocarbons has galvanized diplomatic and economic ties between Israel, Cyprus, and Greece. In December, the three nations held a trilateral summit in Beersheba, Israel, where they agreed to launch the EastMed pipeline project, a $7 billion endeavor that would see Israeli gas pumped to Greece via Cyprus and Crete at a rate of 10 billion cubic meters (bcm) per annum. Once in Greece, the gas would then connect to the 20 bcm per annum Poseidon pipeline in Italy, and then onward to the rest of Europe.

Summit Declaration of the Southern European Union Countries - REPUBLIC OF CYPRUS

Nicosia, 29 January 2019 

1.We, the Heads of State or Government of Cyprus, France, Italy, Greece, Portugal, Malta, and Spain, have convened in Nicosia for the fifth Summit of the Southern European Union Countries.

2.Following our last Summit in Rome, we gathered today to reaffirm our profound commitment to the European project and our common values, such as the rule of law, freedom, democracy, human rights and solidarity and to address multiple challenges through continuous display of solidarity and collective responses at the EU level. We reaffirm our strong belief that, building our common European project upon a perspective for the Mediterranean as a region of peace, stability and prosperity, is in the interest of Europe as a whole.

3.Convinced that a strong and united European Union is the best way forward, we are determined to contribute constructively to the debate on our shared future. At the Sibiu Informal Summit, on 9 May 2019, we intend to provide guidance for the new legislative cycle and contribute to the Strategic Agenda for 2019-2024. We also anticipate a renewed commitment to a modernised EU that delivers on the issues that really matter to its citizens. We have paid close attention to the results of our intensive cycle of Citizens' Dialogues and Citizens' Consultations; in our work on the next Strategic Agenda, we will make our utmost in providing new and appropriate ways of engaging citizens and responding to their legitimate concerns.

How Greece Will Benefit from East Med Gas Pipeline - GREEK REPORTER

Jan 1, 2019
Philip Chrysopoulos

Greece will definitely benefit from the recent agreement with Israel and Cyprus for the construction of the East Med gas pipeline, according to a report in the German financial newspaper Handelsblatt.

The proposed pipeline will transport natural gas from the eastern Mediterranean to Europe. The cooperative agreement was recently signed by Greek Prime Minister Alexis Tsipras, Israeli Prime Minister Benjamin Netanyahu and Cypriot President Nikos Anastasiades.

Talks between the three nations on the issue began in 2015 and have progressed to a solid alliance, according to Handelsblatt. The three Mediterranean countries aim to intensify their cooperation and make it permanent with the establishment of a joint secretariat based in Cyprus.

The newspaper notes that the enormous reserves of natural gas believed to be under the eastern Mediterranean seabed could contribute substantially to the energy supply of the whole of Western Europe.

Remarks at the Budapest Energy Summit - Francis R. Fannon - U.S. DEPARTMENT OF STATE

December 3, 2018Remarks
Francis R. Fannon
Budapest Energy Summit

Budapest, Hungary

Introduction

Good morning. Thank you Piroska for the kind introduction. I’ve seen a lot of Budapest and I’m pleased to be here today for the Budapest Energy Summit.

Today I would like to discuss Europe’s energy security: the challenges and the opportunities.

The United States has been engaged in energy issues as key to foreign policy since the 1800s. The State Department, at that time, worked to secure markets abroad for U.S. oil and kerosene, some of our largest exports at the time. In the 1970s, the Department was at the forefront in managing oil supply shocks, with then Secretary of State Kissinger helping to found the International Energy Agency.

Cyprus, Egypt Set to Sign Deal for Offshore Gas Pipeline - NEW YORK TIMES / ASSOCIATED PRESS

Sept. 18, 2018

NICOSIA, Cyprus — Europe stands to gain from an agreement Egypt is set to sign with the Mediterranean island nation of Cyprus to pipe offshore natural gas to processing plants in the north African country where it will be liquefied for export, Egypt's oil minister said Tuesday.

Tarek el-Molla said that under the terms of the agreement, gas off Cyprus could also be used for Egypt's domestic needs.

"So it is really a way to have ... good, win-win positions for not only Cyprus and Egypt, but also for Europe," El-Molla told reporters after talks with Cypriot President Nicos Anastasiades.

Cyprus' energy minister, Georgios Lakkotrypis, called the agreement— to be signed Wednesday — a first of its kind for the region that could bolster Europe's energy security.

Lakkotrypis said the agreement could act as an example for other neighboring countries to offer oil and gas companies the kind of security on their investment so they can proceed with projects worth billions.

The Cypriot minister said the agreement concerns building a pipeline from the Aphrodite deposit — estimated to contain around 4.5 trillion cubic feet (130 billion cubic meters) of gas — to Egypt. But it can apply to other gas fields that may be discovered off the island in the future.

"This is a European pipeline because the natural gas that will be conveyed to Egypt from Aphrodite, after the commercial agreements are completed, will find its way to Europe in liquefied form," Lakkotrypis said.

Talks to hammer out a commercial deal for the pipeline will start soon, he said.

Italian company Eni has discovered another gas deposit southwest of Cyprus, but its size hasn't been determined yet. ExxonMobil will begin a hydrocarbon search off Cyprus later this year. France's Total is also licensed to search for gas.