Gas Processing is Produced by Gulf Publishing Company



Greece, Israel, Cyprus to speed up Mediterranean pipeline efforts

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

Mediterranean Pipeline Resize
Courtesy of Pytheas Investor Service.

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.

Europe is keen to diversify its energy supplies, and Greece wants to promote itself as a hub for the transit of gas from the eastern Mediterranean to the continent.

"We agreed to expedite our joint actions concerning our agreement on the construction of a large project which will offer new prospects of economic cooperation in the eastern Mediterranean," Greek Prime Minister Alexis Tsipras told a news conference in the northern Greek city of Thessaloniki.

He was flanked by Israeli Prime Minister Benjamin Netanyahu and Nicos Anastasiades, the president of Cyprus.

The planned 1,250-mi pipeline aims to link gas fields off the coasts of Israel and Cyprus with Greece and possibly Italy, at a cost of up to $6.7 B.

Netanyahu said the so-called East-Med Pipeline "would be a revolution."

"We've had preliminary studies of it and it seems promising and we're going to look further into it. It's something we're very excited about," he said.

Israel and to a lesser extent Cyprus are thought to be sitting on vast quantities of natural gas wealth given the significant finds reported in the past decade.

Israel has discovered more than 900 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.

Delivery options have included a pipeline linking the three countries, a pipeline to Turkey, and use of LNG storage in Egypt for shipment to Europe.

The three leaders said they would also pursue the development of an electricity cable linking their countries.

The EuroAsia Interconnector will carry electricity generated in Israel and sent via Cyprus, the Greek island of Crete and mainland Greece to European grids.

A Greek government official said Greece had proposed adding fiber optic cables estimated to boost the cost by 10%. It has secured funding of 1.5 B euros from the European Union and viability studies have been completed.

"It's in a mature phase and we must now move on to the establishment of a consortium of investors and its implementation," the official said.

Reporting by Karolina Tagaris; Editing by Dale Hudson


Copyright © 2018. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial comment
-Adrienne Blume
According to GIIGNL’s 2018 Annual Report, global LNG trade expanded by 3.5 Bft3d in 2018, to 38.2 Bft3d—a record 10% increase.
Power, LNG projects drive pipeline construction in Africa
-Shem Oirere
Increasing public investment in gas-fired power plants in Africa, the continuing recovery in global oil prices and persistent insecurity in key producer markets, such as Nigeria, are likely to impact gas transmission pipeline projects on the continent, even as more international companies express interest in the region’s stranded gas resources.


Maximize Profitability with Advanced Analytics at Natural Gas Processing Plants

View On-Demand

Incorporating economic data into process modeling is key to optimizing operations and maximizing profits at gas processing plants. However, maintaining optimal operations are often challenging due to changing market dynamics, contract structures and increasing process flexibility. Today, gas processors are leveraging Predictive Control and First Principles models to accurately determine and control the optimal operating targets in real time based on the most current plant conditions and profitability, optimizing recovery of natural gas liquids. Learn how real-time analytics, combined with decision support tools, empower companies to:
•Improve processing margins by up to 5%
•Maximize NGL production through improved availability and optimized process conditions
•Improve compositional control to operate closer to product specifications

May 22, 2018 10am CDT

View On-Demand

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2018 Gulf Publishing Company.