There is more gas than the region can use so in the absence of markets further afield, some of it will have to be considered a stranded asset for now.
The Eastmed gas pipeline from Israel through Cyprus and Greece to Europe was the subject of a joint declaration of the energy ministers of Israel, Cyprus, Greece and Italy and the European Commissioner Miguel Canete at a meeting in Jerusalem April 3.
It was the first such meeting involving these five parties and it has brought eastern Mediterranean gas pipelines back into the limelight. The focus was the unveiling of plans following the completion of a pre-front-end engineering and design (Feed) study funded by the European Commission (EC) under the ?Projects of Common Interest? initiative.
This is being promoted by Israel, which at the same time is pursuing another pipeline for gas exports to Turkey and from there to Europe. Israel?s energy minister Yuval Steinitz has confirmed that he is keen for both projects to be built.
Cyprus is also supporting the Eastmed pipeline, but it considers that the key export route for Aphrodite gas is to, or through, Egypt ? which, however, looks equally challenging.
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