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| Source: DEPA website |
09.06.2016, IGI Poseidon Press Release
IGI Poseidon S.A. and Noble Energy International Ltd have signed today a Cooperation Agreement to support the finalization of the Pre-FEED activities of the EastMed pipeline and to jointly assess its viability as one of the export options for the Eastern Mediterranean gas discoveries. The EastMed Pipeline Project is a European Project of Common Interest and the ongoing development activities are supported by European Union through the Connecting Europe Facility (CEF) co-financing program.
Background Note: IGI Poseidon S.A. is a company incorporated in Athens and equally owned by DEPA S.A. and Edison, involved in the development of 3 major gas pipeline projects: the Poseidon Pipeline, the IGB Pipeline and the EastMed Pipeline, all qualified as Projects of Common Interest (Commission Delegated Regulation 2016/89) thanks to their contribution to the European energy security, via diversification of routes and sources of natural gas supply.
The Eastern Mediterranean (EastMed) pipeline project is an offshore/onshore pipeline, approximately 1900 km long, directly connecting East Mediterranean resources to Greece via Cyprus and Crete. The Project is currently designed to transport up to 16 Bcm/y from the off-shore gas reserves in the Levantine Basin (Cyprus and Israel) as well as from the potential gas reserves in Greece. The pipeline, in conjunction with the Poseidon and IGB pipelines, could supply gas to Italy and other South East European countries. The Project has been awarded in 2015 with European grants for 2 million Euro through the Connecting Europe Facility (CEF) program, necessary for the co-financing of the Pre-FEED activities. The Pre-FEED studies are currently being finalized by a consortium of major engineering companies (IntecSea and C&M Engineering) and by the global information company IHS. The studies indicate that the Project is technically feasible, well within the most advanced technology available and represents an economically viable export option.
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