Cyprus and Israel to Build Gas Pipeline for Mediterranean Resources

Cyprus and Israel are discussing an agreement to construct a gas pipeline that will transport gas from Israeli and Cypriot deposits to the island, as reported by AP.

“There are sufficient gas deposits in the Eastern Mediterranean. Most of them are located in Israel’s exclusive economic zone, but there are also enough near Cyprus for this project to proceed,” said Cyprus’ Minister of Energy Georgios Papanastasiou. He is set to travel to Israel soon to discuss the agreement.

If an agreement is reached, the pipeline could be constructed within 18 months. Israel currently has 11 gas fields, while Cyprus has five major fields off its southern shores.

At the same time, Cyprus aims to also build a liquefied natural gas (LNG) production complex, which could then be exported to Europe and other regions. “When you have LNG, you can send it anywhere... Europe needs it more right now, but markets can also be found in Asia,” Papanastasiou explained.

He announced that in May he will meet with representatives from French TotalEnergies SE, Italian Eni S.p.A., American Exxon Mobil Corporation, and Chevron Corporation, all of which hold exploration rights for oil and gas reserves in Cyprus’ exclusive economic zone. Papanastasiou added that negotiations will focus on how the parties can collaborate to supply LNG from Cyprus to global markets.