Showing posts with label Yannis Maniatis. Show all posts
Showing posts with label Yannis Maniatis. Show all posts

Saturday, January 19, 2019

Israel Aims To Become An Energy Export Hub - OILPRICE.com / ZEROHEDGE.com

Jan 19, 2019, 2:00 PM CST

Israel has confirmed it is in extensive talks with Egypt to build a new sub-sea natural gas pipeline between the two countries as part of a previously agreed $15 billion deal to export Israeli gas to Egypt over a decade. Most significant is that the new line would hugely expand Israel's export capacity to its southern Arab neighbor, taking it far beyond the maximum 7 billion cubic meters per year currently able to flow through the existing EMG pipeline to Sinai. 

Israeli Energy Minister Yuval Steinitz proclaimed the ambitious project under negotiation to be part of broader "efforts to transform the eastern Mediterranean into an energy export hub on the doorstep of Europe," according to Bloomberg.

“There’s no final decision yet, but there are talks,” Steinitz told Bloomberg while attending the Cairo-sponsored first East Mediterranean Gas Forum, a cooperative forum aimed at expanding east Mediterranean energy transformation and joint ventures.

Sunday, December 14, 2014

CYPRUS TO SUPPLY EGYPT WITH NATURAL GAS | Natural Gas Europe


December 14th, 2014

The recent discoveries of natural gas in the Levant basin, particularly in Israel and Cyprus, have triggered a series of discussions around the optimal ways of exploiting the hydrocarbon wealth of the Eastern Mediterranean. The complicated geopolitical landscape in this part of the world poses significant challenges and it is no certainty that the newly found wealth will be a catalyst for peace and prosperity. National consumption will be satisfied for decades to come, and the excess will also likely turn the Eastern Mediterranean countries into net natural gas exporters. Israel and Cyprus are currently studying several export options, including the East Med Pipeline project pitched to the EU and the LNG terminal in Vassilikos Cyprus which commercial viability depends on further exploratory successes in Cyprus’ Exclusive Economic Zones.
Regional deals between immediate neighbours are also shaping with both Israel and Cyprus having an interest in selling gas to their thirsty neighbours. Cyprus and Egypt are engaged in talks to supply Egypt’s LNG plant at the Damietta idle with natural gas from the Aphrodite field in Block 12 offshore Cyprus. Cyprus’ Aphrodite field was discovered in Cyprus’ Exclusive Economic Zone (EEZ) by Noble Energy in 2001 and is estimated to hold between 3.6 to 6 tcf of natural gas, with a mean of 5 tcf.
Egypt’s petroleum minister expressed to his Cypriot counterpart that Egypt will absorb as much gas as Cyprus can provide. Egypt is currently undergoing a severe energy crisis due to its growing consumption and a flat production. Cyprus is studying the optimal solution to export natural gas to Egypt, including a pipeline scenario. Cyprus’ Energy Minister Yiorgos Lakkotrypis also visited Jordan where he expressed to Jordanians officials the island’s intent to export gas to Jordan. The Kingdom has suffered tremendously from the disruption in the flow of Egyptian gas and is looking for a cheap and secure source of natural gas, including from Cyprus and Israel.
Israel is also eyeing Egypt and is exploring the possibility of using Egypt’s unused export facilities to access far-reaching export markets. The Tamar and Leviathan partners signed MOUs to export 7 bcm of natural gas to respectively Union Fenosa’s liquefying plant at Damietta and BG’s plant in Sinai.
Egypt has an increasingly important role in shaping the energy landscape of the region. A recent meeting between the ministers Lakkotrypis of Cyprus, Maniatis of Greece and Ismail of Egypt has reiterated Egypt’s role as a customer and a potential gas route for Israeli and Cypriot natural gas. The desire to build a close cooperation between the three countries was also the spirit of the Cairo Declaration signed following the meeting between Abdel-Fattah El Sisi, the President of the Arab Republic of Egypt, Nikos Anastasiades, the President of the Republic of Cyprus, and Antonis Samaras, the Prime Minister of the Hellenic Republic.
Despite the efforts to encourage regional collaboration, some political hurdles remain. A solution for divided Cyprus is yet to be found, and the discovery of natural gas off the island’s coast is not making the task any easier. Recent tensions between Cyprus and Turkey following Turkey’s decision to send an exploratory vessel offshore the island have led to skepticism around the possibility of a settlement. Regional deals between Israel and its Arab neighbours will also largely depend on the level of political sensitivities. Neighbouring Lebanon has delayed the launch of its first licensing round due to its political vacuum and a maritime border dispute between Lebanon and Israel is still pending. The hydrocarbon potential of the region is undeniable; but so are its complications.
Karen Ayat is an analyst and Associate Partner at Natural Gas Europe focused on energy geopolitics. She reads International Relations and Contemporary War at King's College London focusing on Natural Resources and Conflict. She holds an LLM in Commercial Law from City University London and a Bachelor of Laws from Université Saint Joseph in Beirut. Email Karen karen@minoils.com Follow her on Twitter: @karenayat

SOURCE

Thursday, December 11, 2014

EC GRANTS "CONDITIONAL" SUPPORT TO EAST MED PIPELINE | Natural Gas Europe

December 11th, 2014

A pragmatic approach from all the stakeholders is required for the East Med pipeline to move ahead and overcome difficulties that could hinder the project, said experts on the third panel at the 2030 EU Energy Security conference in Brussels. In this sense, the message is clear. The European Commission is ready to give a hand to the project connecting East Mediterranean riches to Italy through Greece, but that hand is not unconditional.

A combination of financial and technical assessments, to be carried out in the coming months, will tell whether the project is feasible. These studies will have a significant role in the EC’s decision to grant a significant “political support” to the project. The EC has already shortlisted the pipeline as a Project of Common Interest (PCI), but the selection does not automatically make the project eligible for funding.

Wednesday, December 10, 2014

Cyprus, Israel, Greece push EU gas pipeline link | Israel Hayom

Cyprus, Israel, Greece push EU gas pipeline link


Proposed East-Med Corridor would have capacity of 8-12 billion cubic meters and would link Israel, Cyprus, Greece and Italy • Cypriot, Greek officials say the pipeline would buttress European Union's energy security.
The Associated Press and Israel Hayom Staff
A natural gas field in the eastern Mediterranean
|
 Photo credit: Ziv Koren


Link to source: http://www.israelhayom.com/site/newsletter_article.php?id=22023

Tuesday, November 25, 2014

Εδραιώνεται η τριμερής του Καϊρου στο θέμα ενέργειας | SigmaLIVE

Εδραιώνεται η τριμερής του Καϊρου στο θέμα ενέργειας

Τη συνεργασία τους στον τομέα της ενέργειας αναμένεται να εδραιώσουν οι Υπουργοί Ενέργειας Κύπρου, Ελλάδας και Αιγύπτου, οι οποίοι θα έχουν συνάντηση στις 12.30 στη Λευκωσία.
Στη διάρκεια της συνάντησης θα συζητήσουν τα επόμενα βήματα όσων έχουν συμφωνηθεί στην τριμερή σύνοδο κορυφής του Καρού.
Σε διμερές επίπεδο, ο Υπουργός Ενέργειας, Γιώργος Λακκοτρύπης, θα συζητήσει στις 9 το πρωί με τον Αιγύπτιο ομόλογό του,  Sherif Ismail, μνημόνιο συνεργασίας, το οποίο θα περιλαμβάνει και πώληση κυπριακού φυσικού αερίου στην Αίγυπτο.
Μετά την ολοκλήρωση της συνάντησης των Υπουργών Ενέργειας των δύο χωρών, γύρω στις 10 αναμένονται συγκεκριμένες ανακοινώσεις για το πλαίσιο συνεργασίας Αιγύπτου – Κύπρου.
Σύμφωνα με πληροφορίες, για πρώτη φορά θα αποκαλυφθεί δημοσίως η κατεύθυνση, στην οποία θα κινηθεί η συνεργασία των δύο χωρών. Στις 10.30 ο Υπουργός Ενέργειας της Αιγύπτου θα γίνει δεκτός από τον Πρόεδρο της δημοκρατίας.
Στις 11.30 θα πραγματοποιηθεί η διμερής συνάντηση του Υπουργού Ενέργειας, Γιώργου Λακκοτρύπη με τον Υπουργό Ενέργειας της Ελλάδας, Γιάννη Μανιάτη. Μετά τη συνάντηση θα γίνουν δηλώσεις. Επίσκεψη στην Κύπρο θα πραγματοποιήσει αύριο ο ΥΠΕΞ του Λιβάνου, Gebran Bassil,  ο οποίος έχει διατελέσει και Υπουργός Ενέργειας.
Στην ατζέντα των επαφών του θα είναι και το θέμα των υδρογονανθράκων. Η κυβέρνηση επιθυμεί και τη συμμετοχή του Λιβάνου στις ενεργειακές συμμαχίες στην περιοχή.  
Στις 11.30 το πρωί θα πραγματοποιηθεί συνάντηση του ΥΠΕΞ, Ιωάννη Κασουλίδη, με τον ΥΠΕΞ του Λιβάνου και θ’ ακολουθήσουν διευρυμένες συνομιλίες των αντιπροσωπειών των δύο χωρών.
- See more at: http://www.sigmalive.com/news/politics/183553/edraionetai-i-trimeris-tou-kairou-sto-thema-energeias#sthash.8aKohc79.MiTsDFtp.dpuf


Link to source: http://www.sigmalive.com/news/politics/183553/edraionetai-i-trimeris-tou-kairou-sto-thema-energeias

Wednesday, November 19, 2014

Συμμετοχή και του Ισραήλ στον Αγωγό East Med Συμφωνήθηκε στην Διάσκεψη για την Ενέργεια στη Ρώμη | energia.gr

Συμμετοχή και του Ισραήλ στον Αγωγό East Med Συμφωνήθηκε στην Διάσκεψη για την Ενέργεια στη Ρώμη

Και το Ισραήλ θα συμμετέχει, στον Αγωγό East Med,  όπως συμφωνήθηκε στη Διάσκεψη Υψηλού Επιπέδου στη Ρώμη, με θέμα «Κτίζοντας μια Ευρωμεσογειακή Ενεργειακή Γέφυρα – Η Στρατηγική Σημασία των Ευρωμεσογειακών Δικτύων Φυσικού Αερίου και Ηλεκτρικής Ενέργειας, στο πλαίσιο της Ενεργειακής Ασφάλειας», στη Ρώμη.
Ο Υπουργός Περιβάλλοντος, Ενέργειας και Κλιματικής Αλλαγής, Γιάννης Μανιάτης, μαζί με τους ομολόγους του από το Ισραήλ, την Ιταλία και την Κύπρο και τον Ευρωπαίο Επίτροπο για την Ενεργειακή Ενοποίηση, συμφώνησαν στη συμμετοχή και του Ισραήλ στον αγωγό  East Med.
Πρόκειται για μια ιδιαίτερα σημαντική εξέλιξη, δεδομένου ότι ο αγωγός East Med, με τη συμμετοχή του Ισραήλ, αποκτά τεράστια ώθηση και συμβάλλει ανάλογα με τον ΤΑΡ στην ενεργειακή ασφάλεια της Ευρώπης.
Ο αγωγός  East Med  είναι ούτως ή άλλως ανάλογος του TAP( 8-10 bcm) και με αυτόν χαράσσεται νέα όδευση από πηγές του Ισραήλ, μέσω Κύπρου και Ελλάδας, προς την Ε.Ε., χωρίς να διέρχεται δηλαδή από την Τουρκία.
Τις επόμενες ημέρες, με κοινή επιστολή τους προς τον Ευρωπαίο Επίτροπο για την Ενεργειακή Ενοποίηση και τον Προεδρεύοντα του Συμβουλίου Υπουργών της Ε.Ε., Ιταλό ομόλογό τους, ο Έλληνας, ο Κύπριος και ο Ισραηλινός Υπουργός θα οριστικοποιήσουν τη συνάντηση όλων των μερών, προκειμένου να συζητηθεί το εν λόγω θέμα.


Link to source: http://www.energia.gr/article.asp?art_id=87667

Monday, October 27, 2014

Greece Unveils LNG Regional Strategy | Natural Gas Europe

October 27th, 2014



The looming natural gas crisis in the EU and in particular in Southeast Europe due to the present day gridlock between Ukraine and Gazprom, has prompted further action by Greece to persuade its neighbouring states to place more emphasis in the LNG sector.

More specifically, Greek Energy Minister Ioannis Maniatis recently met a delegation of Greek-owned shipping companies that deal heavily with LNG transport and discussed at length measures that will ensure steady and long-term supply of the product. Another interesting aspect was the attention provided to the use of LNG as a fuel for vessels, a position supported by the EU on a long-term basis, at least in theory.

Further, the particular subject of supplying Greece’s myriad of islands with either LNG or CNG was touched upon in order to reduce reliance on oil products. It is of importance to note that considerable investments are needed towards this aim. Floating storage and regasification units (FSRU) was universally agreed upon to be crucial for securing the needs both of the country and neighboring markets and also for raising fund for the upgrade of the existing Revythousa LNG terminal, along with the construction of a new unit, preferably in the Kavala region of the country. This could serve as a hub if it will be interlinked with three systems:Trans-Adriatic Pipeline (TAP), the domestic Greek transmission system and the Interconnector Greece-Bulgaria (IGB).

In that sense a flow of more than 15 bcm could be achieved so as for the hub to be able to be profitable and have the necessary capacity of shifting gas into Bulgaria and thereafter toRomania and Hungary through subsequent interconnectors of those states.

The meeting with the Greek Minister was attended by the following companies: Dynagas LNG Partners, Tsakos Group, Maran Gas Maritime, Galog Company, which have together invested over the past few years more than $3 billion into building a brand new LNG fleet, mostly in South Korean shipyards. At present, approximately 40% of new LNG construction is financed by Greek-owned companies that are naturally seeking to establish a strong gas market within their own country and use it as a springboard for imports to be heading to regional markets.

The above is aligned with the overall strategy of DEPA and DESFA, the latter being acquired by Azeri SOCAR. Due to the fact that TAP, which is part of the overall Southern Gas Corridor project, would only be able to secure less than 2% of the EU's annual gas consumption and the fact that the Balkan and central European markets lack their own significant gas resources, the plan being sought is to introduce large quantities of LNG, so as to construct an 'Aegean-Baltic' gas axis.

For the moment, both the Greek government and the aforementioned companies have not reached a concluding business plan, the project calls for the construction of an FSRU unit, a new LNG terminal, the upgrade of the existing one, along with an underground storage facility of at least 1 bcm. Moreover, certain 'mini-LNG' and storage installations are scheduled for the islands of Crete, Rhodes, Lesvos and Chios that will both serve local needs and also be used as small hubs for the circular flow of gas when needed according to domestic and regional demands. Lastly, the establishment of a virtual natural gas exchange is envisaged for the Thessaloniki region, along with a boost of the Greek gas transmission system to cover the entire country and cover industrial, commercial and residential demand in the coming decade.

The goal to shift gas quantities up into the Baltic Sea is achievable through the introduction of a set of interconnectors with Bulgaria, Romania, Serbia, Hungary, Slovakia, Poland that Greece aims to have backed strongly by the EU in light of its energy vision for 2030. As a secondary option, the future construction of an 8 bcm pipeline connecting Cyprus and Israel's offshore gas reserves in the East Mediterranean or alternatively the creation of LNG terminals that will send gas via vessels to the proposed Greek units. Other notable suppliers being examined areAlgeria, which already exports 600-800 million mcm, per annum to Greece and also Qatar, and Nigeria.

SOURCE

Thursday, October 23, 2014

Athens weighs its LNG and CNG options | Kathimerini


Athens weighs its LNG and CNG options

By Chryssa Liaggou

Energy Minister Yiannis Maniatis met on Wednesday with officials from six leading shipping companies in the liquefied natural gas (LNG) sector, as he is weighing the possibility of Greece assuming a strategic role in LNG shipping thanks to the opportunities created by the new reserves off Israel and Cyprus and those anticipated in Greece, as well as the general geopolitical developments in the region.

Maniatis called on Greek shippers to contribute toward the safeguarding of the country’s energy supply ahead of a possible crisis in Ukraine by making the most of their ability to quickly find spot loads on the international market.

The meeting also dealt with the possibility of the involvement of Greek shipping in the carriage of compressed natural gas (CNG) in the broader market of the Southeastern Mediterranean.

That would mean the building of CNG ships by Greek companies, which in turn would depend on the securing of a long-term contract with a gas supplier, as such vessels cannot carry any other commodities. Maniatis reportedly told the shippers that the country is able to secure such contracts, but without presenting a ready plan.
ekathimerini.com , Wednesday October 22, 2014 (22:39)  



Link to source: http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_22/10/2014_543983

Wednesday, October 1, 2014

Greece Expects To Sign Major Oil Test Drilling Contracts By October 2015 | Reuters

Greece Expects To Sign Major Oil Test Drilling Contracts By October 2015
by Reuters |Wednesday, October 01, 2014


ATHENS, Oct. 1 (Reuters) - Greece expects to sign contracts for the first large-scale oil test drilling in its western and southern waters by October 2015, ministry officials said, as the debt-laden country attempts to develop its untapped energy potential.

Monday, September 15, 2014

Increased Activity in the East Med Gas Sector | Natural Gas Europe


September 15th, 2014




Increased Activity in the East Med Gas Sector

The East Mediterranean natural gas sector has been a riddle with continuous changes in plans by all players both state and corporate for quite some time. A set of new initiatives has shed more light into the activities, particularly those involving a potential new axis that will encompassBulgariaGreeceCyprus and Israel.
The Bulgarian Energy Minister Vassil Shtonov paid a visit to Athens on the 12th of September and meet with his Greek counterpart Ioannis Maniatis in order to set up a concrete agenda on gas cooperation via interrelating gas projects.
The common points touched upon (and agreed on in principle) include further reliance on LNG imports in order to secure energy security in the region in light of the Ukrainian crisis and the long term perspectives of the EU. Moreover, key aspects of the two countries bilateral cooperation was characterized by an adherence to the Interconnector Greece-Bulgaria (IGB) in combination with an FSRU facility nearby that will be linked to the East Med gas reserves via either a pipeline or by LNG carriers.
Concurrently in Cyprus and during the proceedings of the 2nd East Mediterranean Gas Conference, the former president of the hydrocarbon agency of the country, Charles Ellinas, pointed out that there are decreasing opportunities for the construction of an LNG terminal on the island due to softening prices worldwide and in the EU in particular. 
That brings about the prospect of a pipeline stretching all the way from Israel into the Balkans. By coincidence or not the Israeli side through its foreign minister Avigdor Lieberman supported that view by stating in favor of the "East Med gas pipeline" that will aim to supply Greek and Balkan markets with an interconnection to Italy through the long-term plan of the IGI-Poseidonlink in the Ionian Sea.
More interestingly and in parallel the Cypriot government and the Egyptian one concluded an agreement on their bordering Exclusive Economic Zones (EEZ) that potentially pave the wave for an uninterrupted construction of an underwater pipeline along with joint ventures for more gas discoveries in the East Mediterranean sea region.
In overall it has also to be pointed out that Israel has recently struck a long-term deal with Jordan for the export of gas worth 15 billion USD and Cyprus has also signed a memorandum of understanding with Amman.
Thus it is not clear yet, which direction the gas will follow since the amounts, although significant they are not able to meet the demand in both directions, while still the option for a pipeline into mainland Turkey stands in the table. What be expected though is more hard bargaining behind the curtains and between a wide range of actors and in a very crucial moment for the stability of the whole region which is in the limelight because of terrorism, civil wars and political upheaval.


Link to source: http://www.naturalgaseurope.com/east-med-gas-sector

Tuesday, August 26, 2014

Can LNG Save Greece From A Russian Gas Collapse? | Forbes

Can LNG Save Greece From A Russian Gas Collapse?

This past week, Greece appealed to the European Union for assistance ahead of a possible halt in natural gas from Russia, by way of Ukraine. The country’s heavy dependence on natural gas imports from Russia, which makes up about 60 percent of its domestic demand, has added Greece to the list of European consumers with an uncertain energy future. As tensions have continued to rise between Russia, Ukraine and most of Europe, the threat of a possible halt in gas imports has forced many to seek out possible alternatives to meet their energy needs, especially ahead of the coming winter months.
Like Italy, Greece has sought solutions both at home and abroad, including new import agreements and the possibility of domestic production. For Athens, this would mean building on existing pipeline traffic from Azerbaijan and expanding the country’s LNG capacity, which led to last week’s appeal to Brussels. In a letter addressed to European Energy Minister Guenther Oettinger, Greek Energy Minister Yannis Maniatis asked for some assurance that surplus LNG would be made available in anticipation of a delay or halt in Russian imports.
Any increase would likely work within Greece’s existing LNG infrastructure as relevant plants are long term and expensive efforts, making it unlikely they would play a part in the short term. Greece may be able to win EU support for LNG expansion in the long term as a part of a concerted effort to invest in connectivity infrastructure projects deemed to ensure energy security for European member states, but any such relief would be very long term.
One possible source of relief for Athens could come in the form of less dependence on Russian gas, which is sold the country at often prohibitively high rates compared with other European consuming countries. While any decline in Russian imports would provide plenty of reason for concern among the country’s commercial and industrial consumers, an increase in LNG could provide lower, comparative pricing arrangements.
Greece has also begun pushing for more domestic production to help ease the country’s consistent dependence on costly imports. Like many in the region, Greece has seized onto the possibility of offshore reserves as neighbors like Cyprus and especially Israel make real headway towards exploration and export revenue. In December, Prime Minister Antonis Samaras suggested that Greece could be home to 4.7 trillion cubic meters of gas could one day provide up to 25 percent of European demand. However, many critics have warned against overstating the country’s potential and the long journey from early studies to actual, viable domestic energy production.
Over the last three years, Athens has also made a concerted effort to lay claim to the Eastern Mediterranean’s recent energy rush, both as a potential transport hub for Israeli and Cypriot gas reserves. Earlier this year, Athens entered the transport conversation by offering a tender for a pipeline project that would transport about 8 billion cubic meters of gas into the European market from offshore fields controlled by Cyprus and Israel. According to a Reuters report, the project would link Israel’s Leviathan natural gas field to Europe by way of Greece through the IGI-Poseidon pipeline, managed by Italy’s Edison and Greece’s state-backed utility, DEPA.


Link to source: http://www.forbes.com/sites/christophercoats/2014/08/26/can-lng-save-greece-from-a-russian-gas-collapse/

Monday, July 7, 2014

Greece expects to OK bids for gas and oil exploration by mid-2015 | ekathimerini.com

Greece expects to OK bids for gas and oil exploration by mid-2015

Greece is expecting to accept bids for permits to explore for hydrocarbons in the Ionian Sea and south of Crete in the middle of next year, Environment Ministry sources told the Athens-Macedonian News Agency on Monday.

They said that bids regarding 20 blocks would be accepted in March and then reviewed over a three-month period.

“More than 10 international petroleum companies have expressed interest in the Ionian Sea and south of Crete, which is better than we expected,” Environment Minister Yiannis Maniatis told Bloomberg last month.

“We now know for sure that there are hydrocarbons in Greece and that exploring for them makes economic sense.”

Maniatis was in London last week to discuss opportunities with companies that may be interested in investing in oil and gas exploration in Greece. He offered them tax breaks for their investments.

Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently, and 5 percent of the tax will go to local communities.
ekathimerini.com , Monday Jul 7, 2014 (14:43)  


Link to source: http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_07/07/2014_541164

Saturday, May 17, 2014

Ukrainian crisis encourages investment in energy infrastructure in Cyprus | Famagusta Gazette

Ukrainian crisis encourages investment in energy infrastructure in Cyprus
The Cypriot Minister of Energy Yiorgos Lakkotrypis referred to the exploration of gas fields in Cyprus` Exclusive Economic Zone (EEZ) and in the wider south-east Mediterranean to strengthen the energy security of the EU.
FAMAGUSTA GAZETTE
• Saturday, 17 May, 2014
The risk of investing in energy infrastructure in Cyprus seems to have been reduced as the crisis in the Ukraine unfolds, with the EU looking towards solutions that may cost more, but which will ensure its energy security, an EU informal meeting in Athens has heard.

The prospects of the Cypriot natural gas and the role of Cyprus in the region seem to be important, after discussions at the Informal Council of EU Energy Ministers.

The Cypriot Minister of Energy Yiorgos Lakkotrypis referred to the exploration of gas fields in Cyprus` Exclusive Economic Zone (EEZ) and in the wider south-east Mediterranean to strengthen the energy security of the EU.

"The construction of onshore gas liquefaction plant in Cyprus and the emergence of Cyprus as an energy hub is at the top of our energy priorities," said the Minister.

Lakkotrypis supported the immediate implementation of projects that will help to reduce energy isolation of the Member States and enhance EU energy security. He noted that the possibility of additional funding for these specific projects should be examined more extensively as they contribute to the achievement of EU priorities.

Based on the discussion of the Ministers, the European Commission will draft a strategy for the security of energy supply, which will consist of an in-depth analysis of the situation and a study to reduce EU energy dependency.

These studies will be discussed at the Council of Energy Ministers in mid-June and the European Council that will follow.

At the same time an industry source involved in negotiations with Russia has told Reuters that the geopolitical instability underlines the need for an all-European solution to bring gas from Israel and Cyprus to western Europe.

"That would create a win-win situation that would also improve the prospects for a peace settlement in Cyprus," said the source

According to Reuters, analysts say that the crisis over Ukraine has transformed the assessment of risk on investing in energy infrastructure in Cyprus.

"The energy security scenario is completely changed and none can exclude that more expensive investments will be done in the light of energy security, more than on return of investments," said Pasquale De Micco, a national expert from the European Parliament`s policy department.

On the sidelines of the Council, Lakkotrypis met with EU Energy Commissioner Gunther Oettinger and the Executive Director of the International Energy Agency (IEA) Maria van Der Hoeven.

Lakkotrypis also held a private meeting with his Greek counterpart and President of the EU Energy Council Yannis Maniatis. The two Ministers reaffirmed their close ties and good cooperation between the two countries in the energy sector.

Lakkotrypis briefed the Greek Minister on recent developments in hydrocarbon exploration in the EEZ of Cyprus and government plans for the creation of the onshore gas liquefaction plant in Cyprus.

Maniatis briefed the Cypriot Minister on developments to promote the EastMed gas pipeline between Israel, Cyprus and Greece.  — (KYPE)


Link to source: http://famagusta-gazette.com/ukrainian-crisis-encourages-investment-in-energy-infrastructure-in-cyprus-p23591-69.htm

Monday, March 10, 2014

UPDATE 1-Greece to commission feasibility study for Mediterranean gas pipeline | Reuters

UPDATE 1-Greece to commission feasibility study for Mediterranean gas pipeline

Mon Mar 10, 2014 2:41pm GMT
(Adds Cypriot energy minister)
(Reuters) - Greece launched an international tender on Monday for a study on the feasibility of a proposed pipeline to carry gas from Israel and Cyprus in an effort to reduce dependence on Russian supplies.

The Eastern Mediterranean Pipeline is designed to initially carry 8 billion cubic metres a year of Israeli and Cypriot gas.

It would stretch from Israel's Leviathan natural gas field to Greece and onto European markets through the IGI-Poseidon pipeline, led by Italian utility Edison and state-controlled Greek utility DEPA.

The European Commission has said Cypriot gas could play an important role in diversifying supplies but its development is complicated by the long-standing rift between Cyprus and Turkey. The pipeline would pass through disputed waters.

Greece's Energy Minister Yannis Maniatis said there was European interest in creating a new energy corridor, adding it could also reduce energy costs in the recession-hit country.

He said the project was "one more step towards turning Greece into the main gateway to Europe for gas from the Caspian Sea, the Middle East and the southeastern Mediterranean."

For Cyprus, the pipeline is one of three so-called Projects of Common Interest (PCI) involving the island, approved by the European Commission, which has backed 250 power and gas projects designed to curb reliance on Russian gas imports and create a single market.

The other two are Cypriot plans to create a Liquefied Natural Gas terminal on its southern coast, and a subsea electricity cable linking Israel, Cyprus and Greece.

Cypriot energy minister George Lakkotrypis told Reuters the pipeline feasibility study would be led by Greece in collaboration with Cyprus.

"We agreed that Greece will lead this one while Cyprus leads the PCI regarding the electricity interconnector," he said.

The highest-profile non-Russian gas project is one to ship Azeri natural gas from the Shah Deniz field, which has become a contest between the Nabucco West project into Austria, led by OMV and the Trans Adriatic Pipeline into Italy, led by Switzerland's AXPO and Statoil. (Reporting by Karolina Tagaris, additional reporting by Michele Kambas; Editing by Louise Heavens and Mark Potter)


Link to source: http://uk.reuters.com/article/2014/03/10/greece-cyprus-idUKL6N0M72EC20140310