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LNG Import terminal to be constructed in Cyprus

We are pleased to see the successful outcome of the process,” Defa chairman Symeon Kassianides said. “Here at Defa we believe that the future of the country is aligned with natural gas and we expect it to play a major role in the economic development of the country in years to come. The establishment of the natural gas market will boost the development of the whole energy and industry sectors of the Republic.” Α multinational consortium of JV China Petroleum Pipeline Engineering Co Ltd, Aktor S.A. and Metron S.A., with Hudong-Zhonghua Shipbuilding Co. Ltd and Wilhelmsen Ship Management Limited ranked
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EAST MEDITERRANEAN STATES LOOK TO ACCELERATE REGIONAL GAS COOPERATION

Energy ministers from across the East Mediterranean met on July 25 to discuss how to accelerate the development of the region’s vast gas resources and to increase cooperation in a bid to pave the way for a “sustainable regional gas market.” Ministers from Cyprus, Egypt, Greece, Israel, Italy, Jordan and the Palestinian National Authority met in Cairo as part of the East Mediterranean Gas Forum (EMGF), which they founded in January this year. With tensions high in the politically sensitive region, the forum’s aim is to ensure gas resources in the East Mediterranean can be developed economically and countries can “foster regional energy cooperation.”
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CYPRIOTS LAUNCH DRILLING AT 8 SITES IN EASTERN MEDITERRANEAN OVER 2 YEARS

The Mediterranean basin is proved to be a world-class energy source with huge hydrocarbon potential. The recent energy discoveries in Cyprus, Such as: the Calypso discovery in block 6, the Aphrodite discovery in block 12 and the new recent discovery by ExxonMobil in block 10 raise Cyprus as one of the world-class energy countries to invest. Not to mention the gas discoveries found in Israel.
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ExxonMobil recent natural gas discovery in Cyprus in the Eastern Mediterranean at the Glaucus-1 well

Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters). Further analysis in the coming months will be required to better determine the resource potential.“These are encouraging results in a frontier exploration area,” said Steve Greenlee, president of ExxonMobil Exploration Company. “The potential for this newly discovered resource to serve as an energy source for regional and global markets will be evaluated further.”
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Eastern Mediterranean Gas Pipeline

Cyprus, Greece, Italy, and Israel are growing over ownership of offshore fields in the eastern Mediterranean. In December 2018, the four countries signed a $7 billion agreement to provide Europe with natural gas. The deal, known as “East Med”, would help Europe diversify its energy portfolio, while simultaneously reduce its reliance on Russia. The pipeline linking these eastern Mediterranean gas resources will cross from Israel and Cyprus into Greece and Italy, and would be about 2,200 kilometer long.
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THE NEW MEDITERRANEAN ENERGY ALLIANCE

Energy ministries coming from Egypt, Cyprus, Greece, Israel, Italy, Jordan, and Palestine have shape new alliances given the major gas discoveries in the East Mediterranean it also strives to provide a platform for improved cooperation between the gas exporters (Cyprus, Egypt, and Israel), countries of transit (Greece and Italy), and gas importers.
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