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EU looking towards East Med gas reserves

Jakub Adamowicz, European Commission Spokesperson for Transport and Regional Policy,

Eastern Mediterranean gas reserves, including Cyprus’, could play a significant part in addressing the European Union’s drive for energy diversification, the European Commission reiterated on Monday.
During a press briefing in Brussels, Jakub Adamowicz, European Commission Spokesperson for Transport and Regional Policy, was asked how the gas fields located between Israel and Cyprus fit into the wider EU Energy Union scheme.
“The East Mediterranean gas findings could play a very important role helping both producing and neighbouring countries to address their energy security problems. They could also have a growing role in the EU diversification strategy,” Adamowicz said.
He added however that it was too early to assess the impact of those gas finds on the EU gas market.
“The Commission has acknowledged on many occasions the potential of the eastern Mediterranean region, in the context of the recent gas discoveries and follows with great interest the development plans for the Cyprus gas field and the other gas sources in the area of the eastern Mediterranean,” said Adamowicz.
“Of course the ending of energy islands and diversification of EU gas supplies is an important objective of this Juncker Commission as laid down in the Energy Union Strategy.
“Bringing new gas to the EU, and in particular to the vulnerable region of southeastern Europe is also of key importance in this respect.”
In 2015 the East Med Pipeline, designated as a Project of Common Interest, received €2 million in funding from the Connecting Europe Facility (CEF).
The East Med Pipeline is a proposed gas pipeline to link Cyprus to Crete and then Greece or Italy.
Some experts question the technical feasibility of the project, as well as its high price tag, which would impact the market price on the European consumer end, rendering it uncompetitive to imported Russian gas.
The only confirmed gas field in Cyprus’ Exclusive Economic Zone, dubbed Aphrodite, holds an estimated 4.5 trillion cubic feet of gas.

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