Greece’s Energean Wants Gas Pipeline from Israel to Cyprus

Economy

Greece’s Energean Wants Gas Pipeline from Israel to Cyprus

July 8, 2018

An undated photo of the the Saipem 12000 drilling floater. Turkish warships continue to impede a rig from reaching a location off Cyprus where Italian energy company Eni is scheduled to drill for gas, the Cypriot government said Monday, Feb. 12, 2018. Spokesman Nicos Christodoulides told state broadcaster RIK that the rig remains anchored about 30 miles (50 kilometers) from the drilling target off the island's southeastern coast. (Saipem via AP)

Greek oil and gas company Energean wants an okay from the Cypriot government to build a pipeline from its Israeli offshore gas fields and import up to one billion cubic meters of gas per year to the island.

That’s part of a plan to help the country meet obligations to switch to cleaner energy such as natural gas and renewables by 2020 to avoid big fines from the European Commission, the news agency Reuters said in a report about the plan.

It’s the second time in seven months that the plan has been floated, the first in December, 2017 when the Cyprus News Agency said Energean had informally asked the government its thoughts on the idea.

“We submitted a proposal to sell gas from the FPSO (Floating Production Storage and Offloading) facility to Cyprus. We sent it last week,” Mathios Rigas, CEO of Energean, told Reuters. The gas will be transported to Cyprus from its Tanin and Karish gas-fields in Israel by building a 200-kilometer (124.27 mile) pipeline.

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