Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



Greece, Italy, Israel and Cyprus back natgas pipeline to Europe

ATHENS (Reuters) — Italy, Greece, Cyprus and Israel agreed on Tuesday to back the construction of a gas pipeline from newly discovered fields in the eastern Mediterranean to Europe.

The project, known as East Med, involves a 2,000-km long pipeline to channel offshore reserves in the Levantine Basin in the far east corner of the Mediterranean to Greece and Italy, at a cost of up to 6 B euros.

The eastern Mediterranean has produced some of the world's biggest gas finds in the past decade, and much of it is still thought to be untapped at a time Europe is looking to diversify its gas resources for reasons of energy security.

"Today we have concluded a very significant milestone, which is the signing of a memorandum of understanding which outlines the political commitment of the four countries to pursue this project," Cypriot Energy Minister Yiorgos Lakkotrypis said during a signing ceremony in the Cypriot capital Nicosia.

The pipeline, he said, was a "very important pillar" in the eastern Mediterranean natural gas corridor.

The four countries also said they would cooperate to facilitate studies, permits, construction and operation of the project, with a view to signing an Intergovernmental Agreement on the project "within 2018", a joint statement said.

Israel has discovered more than 900 Bcm of gas offshore. Cyprus' Aphrodite gas field holds an additional 128 Bcm and Cypriot waters are expected to hold more reserves.

It is estimated the pipeline could transport up to 16 Bcm of gas per year. The project owners are IGI Poseidon, a joint venture between Greece's natural gas firm DEPA and Italian energy group Edison.

Writing by Michele Kambas, editing by David Evans


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.