Cyprus discusses natural gas prospects in regional forum

Cyprus took part in the 5th session of the Regulatory Authority Advisory Committee (RAAC), held on February 7, with discussions primarily revolving around the short-term and medium-term prospects for natural gas in the Mediterranean region.

According to an announcement released on Tuesday by the Cyprus Energy Regulatory Authority (CERA), the meeting saw the participation of Presidents and representatives from the National Regulatory Authorities of the East Mediterranean Gas Forum (EMGF).

The authority also noted that Osama Mobarez, the Secretary-General of EMGF, Eng. Alaa Hagar, the Chairman of the EMGF Board of Directors, and Andreas Poulikkas, the Vice-Chairman of RAAC, who is also the chairman of CERA, emphasised the importance of collective efforts in tackling the complexities of the natural gas sector.

The announcement added that their focus was on ensuring a resilient and prosperous future for the Mediterranean region.

The meeting delved into the perspectives of EMGF member countries, and centered around both short-term and medium-term prospects for natural gas in the Mediterranean.

The CERA announcement also said that constructive discussions took place, with the exchange of opinions, knowledge, and analyses regarding the current and anticipated short-term demand for natural gas in the region.

“The exchange of views on the prospects during the discussion was an integral part of shaping the medium-term recommendations that will contribute to the development of a robust and thriving interconnected regional natural gas market and trading hub,” the announcement stated.

CERA also provided updates on ongoing activities and progress related to projects focusing on regional integration.

The timeline of activities was collectively examined, ensuring alignment with strategic goals and regulatory milestones.

The schedule for upcoming meetings and workshops was agreed upon, laying the foundation for continuous dialogue and knowledge exchange among RAAC members.

The meeting concluded with remarks from CERA chairman Andreas Poulikkas, who said that the success of the meeting is evidence of the strength of collaboration.

“Your dedication and expertise have not only enriched our discussions but are also crucial for shaping the regulatory landscape of the Mediterranean region,” Poullikkas said.

“The Regulatory Authority Advisory Committee (RAAC) looks forward to harnessing the momentum created during this meeting, continuing to promote dialogue, exchange knowledge, and drive positive changes in the regulatory environment,” he added.

Poullikkas concluded by saying that “together, we can create a sustainable and resilient future for the energy sector”.

Against the backdrop of numerous significant natural gas discoveries in the East Mediterranean over the past decade, the East Mediterranean Gas Forum (EMGF) was established in January 2019, and it has since evolved into the most prominent fas forum in the Mediterranean region.

EMGF member countries currently include Cyprus, Egypt, France, Greece, Israel, Italy, Jordan, and Palestine, with the United States, the European Union, and the World Bank serving as observers.

To facilitate the participation of corresponding Energy and Gas Regulatory Authorities of each EMGF member and share their experiences contributing to the harmonization of regulations and policies for natural gas trade and supply at a regional level, the Regulatory Authority Advisory Committee (RAAC) was established under the umbrella of EMGF.